By the end of yesterday's trading session, the US dollar strengthened rapidly against most major currencies, excepting the yen. The dollar index for the day rose by 0.36%. USD is supported by yesterday’s statements of FOMC member John Williams. The official noted a "very good" state of the US economy expecting further growth in interest rates. According to him, the economic growth in 2019 will be about 2.5%. Today, one should focus on the publication of the Services PMI (16:45 GMT+2), as well as the Fed's Beige Book (21:00 GMT+2).


The pair EUR/USD fell to a level of 1.1321 under pressure from the general strengthening of the dollar. Today, investors will focus on the publication of the Services PMI in Germany (10:55 GMT+2) and the Eurozone (11:00 GMT+2), as well as on data on retail sales. Both indices of business activity are expected to remain unchanged at 53.3 points for Germany and 53.1 points for the Eurozone. Retail sales in the Eurozone are projected to rise to 0.2% in October from 0.0% a month earlier. Confirmation of the forecasts on retail sales could support EUR/USD in the short term. Also today, the ECB President Mario Draghi is expected to speak. His comments may lead to the growth of volatility in the pair.


The GBP/USD quotes fell to 1.2680 amid a strengthening dollar. Today, market participants expect the publication of the Services PMI (11:30 GMT+2). The indicator is expected to grow to 52.5 points in November from 52.2 points a month earlier. The confirmation of the forecast may give support to the pair.


After the active decline, the USD/JPY rate rose to the level of 113.08 during the Asian session. In view of the lack of significant releases from Japan, the movement of the instrument is mostly technical.


The AUD/USD quotes dropped to 0.7287 amid weak Australian GDP data released in the night. According to statistics, GDP declined to 2.8% YoY in Q3 from 3.4% in the previous quarter. The indicator decreased to 0.3% QoQ in Q3 from 0.9% in the previous period.


Pressured by the strengthening dollar, the quotes of gold dropped to the level of 1234.38.

Morning Market Review

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