The US Dollar (USD) steadies on Monday, in a mixed bag against most major currencies. No real outliers to notice as US traders are enjoying the US Lab
The focal point this week will be on Wednesday, when the Institute of Supply Management will publish the key Services Purchasing Managers Index survey for August. Additionally, nearly eight central bank speakers are due to make an appearance and might guide the market towards the next US Federal Reserve meeting on September 20.A very calm calendar ahead with US markets closed for the US Labor Day holiday.Italy is set to prepare for raising its 2023 budget deficit targets, according to Reuters.
The CME Group’s FedWatch Tool shows that markets are pricing in a 93% chance that the Federal Reserve will keep interest rates unchanged at its meeting in September. On the downside, the summer rally of the DXY will be the key element to track for any change in sentiment. That is the 200-day Simple Moving Average at 103.06, which could bring substantially more weakness once the DXY starts trading further below it. The double belt of support at 102.42, with both the 100-day and the 55-day SMA, are the last lines of defence before the US Dollar sees substantial and longer-term depreciation.
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