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Dollar Declines as Trump Urged Fed to Feel the Markets, But Loss Limited as Traders Await Projection Numbers

Dollar selloff takes center stage today as Trump continues with his verbal intervention on Fed policy. But Canadian Dollar is even weakest as down trend in WTI crude oil extends. Swiss Franc is for now the third worst performing one. On the other hand, New Zealand Dollar recovers as is trading as the strongest one. Sterling is the second strongest, followed by Yen, as risk sentiments somewhat stabilized in European session.

In short, Trump tweeted asking asked Fed policy makers to not just go by “meaningless numbers”. Instead, they should “feel the market”. For now, there is no clear follow through selling in Dollar yet. Traders would are eagerly awaiting Fed to release some numbers of economic projection tomorrow, before committing themselves.

Technically, USD/CHF’s break of 0.9911 support is a clear sign of weakness and it’s likely heading back to 0.9862 low. But USD/JPY is trading to find some footing around 112.23 support. EUR/USD, GBP/USD, AUD/USD and USD/CAD are bounded in familiar range. EUR/JPY has yet to break 127.61 support and this level will remain a focus in US session. (for extra money in the currency market use our forex robot)

In other markets, WTI crude oil hit as low as 48.09 today and is now at 49.07. At the time of writing, FTSE is down -0.46%, DAX is up 0.32% and CAC is down -0.17%. Ranges are pretty narrow. German 10 year yield is down for another day, by -0.0171, at 0.243. Italy 10 year yield is up 0.021 at 2.970. Earlier in Asia, Nikkei closed down -1.82%. Singapore Strait Times dropped -2.21%. Hong Kong HSI dropped -1.05%. China Shanghai SSE dropped -0.82%. Japan 10 year JGB yield dropped another -0.0088 to 0.028.

Released in US session, US housing starts rose to 1.26M in November versus expectation of 1.23M. Building permits rose to 1.33M versus expectation of 1.27M. Canada manufacturing sales dropped -0.1% mom in Octobe