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Aside from the final Presidential debate, dollar traders have a bunch of FOMC speeches to look forward to this week.

Will these catalysts provide one-directional trends for the Greenback?

Check out the market themes other dollar traders will likely pay attention to!

Lower-tier economic releases

  • Building permits and housing starts (Oct 20, 12:30 pm GMT) are expected to show higher numbers than last month’s readings
  • The Beige Book report (Oct 21, 6:00 pm GMT) last reported lower economic activity in September. Analysts see the release printing an even weaker picture with emphasis on employment rather than inflation
  • Initial jobless claims (Oct 22, 12:30 pm GMT) expected to print at 860K (from 898K)
  • Existing home sales (Oct 22, 2:00 pm GMT) to slip from 6.0M to 5.9M in September
  • Markit’s manufacturing PMI (Oct 23, 1:45 pm GMT) could slow down from 53.2 to 52.6 in October
  • Markit’s services PMI is also expected to weaken from its 54.6 reading

FOMC members’ speeches

  • With no stimulus deal in sight, expect Fed members to sneak in calls for fiscal support in their speeches
  • FOMC Chairman Powell (Oct 19, 12:00 pm GMT) will participate in a panel discussion about digital currencies
  • Richard Clarida (Oct 19, 3:45 pm GMT) will talk about economic outlook and economic policy
  • Patrick Harker (Oct 19, 7:00 pm GMT) is scheduled to speak about recovery from the COVID-19 recession
  • John Williams (Oct 20, 1:00 pm GMT) will open a webinar series hosted by the Reserve Bank of New York
  • Randal Quarles (Oct 20, 2:50 pm GMT) will speak about the Financial Stability Board’s agenda
  • Lael Brainard (Oct 21, 12:50 pm GMT) will talk economic and monetary policy outlook at an online conference
  • Loretta Mester (Oct 21, 2:00 pm GMT) will talk monetary policy at a virtual conference

Overall dollar demand

  • As seen in last week’s price action, prospects of a stimulus deal will continue to affect the demand for the dollar
  • Headline-making policy goals and changes ahead of the U.S. election can also influence the dollar’s price action
  • The final debate between President Trump and former VP Biden can also move equity markets and take dollar demand along with it
  • Pre-election jitters can limit U.S. equity gains and send traders into the safe-haven dollar

Technical snapshot

  • The dollar has gained value against ALL of its counterparts in the last seven days
  • It saw the most gains against AUD, EUR, GBP, and CAD
USD Forex Pairs Performance from MarketMilk
USD Forex Pairs Performance from MarketMilk
  • EMAs show the dollar’s short and long-term bearish trends against GBP, CHF, NZD, and JPY
  • Watch out for retracement or reversal opportunities on EUR/USD
  • AUD remains above the 200 SMA even as it dips below its shorter-term EMAs
USD Forex Pairs EMAs from MarketMilk
USD Forex Pairs EMAs from MarketMilk
  • USD was most volatile against GBP, AUD, NZD, and EUR in the last seven days
USD Forex Pairs Volatility from MarketMilk
USD Forex Pairs Volatility from MarketMilk