Technical Analysis.

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Passage of U.S. tax reform is the main upside risk to
economic growth, with far-reaching effects," wrote BofA Merrill
Lynch analysts in a 2018 outlook.

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The USD/RUB pair is consolidating above 59.09. If later the instrument breaks this range to the upside, the market may continue growing towards 60.05; if to the downside � falling to reach 58.58

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The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.

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With the bar of entry so low and the potential to make great money high, it makes sense that some may get into this with eyes bigger than their wallet can manage. Be sure to utilize the proper stop loss tools to minimize risk.

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The markets did not race as evidence from the ranges (see lower chart below). The red line in the lower chart below is the 22 day average range for the major pairs and crosses. Most of the pairs traded near the average. The exception were some of the GBP pairs which fell sharply but rebounded by the close.

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Sterling was the big outperformer in early trading, with the currency jumping to a six-month high against the euro and a 1 1/2-year high against the Japanese yen. It rose 0.3 percent against the dollar.

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Passage of the tax bill and strong data would strengthen the case for more U.S. rate increases in the next year, a possibility which bond markets look unprepared for. The Federal Reserve is set to raise interest rates next week, but futures markets expect less than two rate hikes over the next year.

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The Fed meets this week and is widely expected to hike interest rates by a quarter point. The European Central Bank, Bank of England and the Swiss National Bank are also due to hold monetary policy meetings, although no changes are expected.

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Zimbabwe is grappling with acute foreign exchange shortages with several businesses now resorting to osiphatheleni (illegal money changers), who charge a higher premium with the US$:Bond Note exchange rate hovering around 1:1.3.

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The most-traded futures contract opened at $15,460, then leapt to a high of $16,660 and last stood at $15,860.The dollar index, which tracks the greenback against a basket of six major rival currencies, was steady at 93.885.