The dollar is sitting in a decent spot after the events last week, at least managing to stave off a significant decline for now. There was a lot of pushing and pulling among major currencies and that looks set to continue into this week ahead of month-end trading. That might keep things a bit choppier before we get to the Fed next week.
Fed funds futures indicate a 90% probability of a 25 bps rate hike and that is the most likely scenario to expect, given no pushback from Fed officials ahead of the blackout period.
Looking at the charts, the gold drop at the moment is one to watch as it threatens a break of daily support around $1,981 while oil is also teetering on the brink of its 100-day moving average as outlined here.
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