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Improved U.S.-China trade relations did the dollar good last week. Can this week’s events extend its bullish momentum?
Here are potential catalysts you should know about:
Markit’s PMI reports (Jan 24, 2:45 pm GMT)
- Manufacturing PMI dipped from 52.6 to 52.5 in November and marked a two-month low for the PMI
- Services PMI shot up from 51.6 to a five-month high of 52.2 for the month
- Luckily, other positive U.S. data as well as optimism over a U.S.-China trade deal that’s “absolutely” done boosted USD across the board
Lower-tier releases
- U.S. house price index (Jan 22, 2:00 pm GMT) could speed up from 0.2% to 0.3% November
- Existing home sales (Jan 22, 3:00 pm GMT) is expected to improve from 5.35M to 5.42M in December
Technical snapshot
- Stochastic considers USD as “overbought” against EUR, JPY, GBP, and AUD
- EUR/USD is bearish across short and long-term SMAs. AUD/USD is not far behind
- USD/JPY is bullish across short and long-term SMAs
- GBP/USD is trading above its 200 SMA but below its 50, 20, and 5 SMAs
- USD/CHF is trading below its 200, 50, and 20 SMA but above its 5 SMA
- NZD/USD is trading above its long-term SMAs but below its short-term SMAs
- USD/CAD is trading below its long-term SMAs but above its short-term SMAs
Missed last week’s price action? Read USD’s price recap for January 13 – 17!
