RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

The dollar has found its footing this morning, but has stayed within a tight range in close proximity to Wednesday’s monthly low.  Brainard commented that gradual US rate hikes are appropriate for near future, provided some measure of support that implies more rate hikes than the market has priced in.  Positive trade talks between China/US and Canada/US has been the major cause of headwinds, but a surprisingly large decline in the PPI also weighed heavily on the USD.  This will put a lot of emphasis on this morning’s CPI reading to see if US inflation expectations need to be dialed back.  Turkeys central bank meeting that resulted in a 6.25% rate hike could be a wild card factor that pressures the dollar.  Resistance comes in at 9470 and 9510, support comes in at 9400 and 9390.

U.S. Dollar Index Sep ’18 Daily Chart

U.S. Dollar Index Sep '18 Daily Chart

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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