FX Daily Wrap Up

The majors are in a full lockdown awaiting Wednesday’s FOMC release and the Gross Domestic Product Report. The US Dollar was hardly changed after a report showed that the US Consumer Confidence Index rose to 110.3 in January, which was the expected outcome. The EUR/USD trading was range-bound with a high of 1.2980 to a brief low of 1.2941, a meager 40-pip range. Following suit, USD/CHF stepped down its 40-point channel with a top around 1.2545. The expected market mover today was the Conference Board’s consumer confidence report for January. Without any major releases on Wednesday, the report’s print would have triggered an immediate and widespread Dollar bid. The indicator advanced for the third consecutive month to its highest level since March of 2002. Tomorrow should set the stage for the short-term fate of the US Dollar. Be prepared to see drastic moves if reports surpass or fall short of expectations. David Hilgeman, XPRESSTRADE Analyst