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Ready for another week of dollar trading? Check out the potential catalysts that might affect the Greenback’s price action in the next few days!
Flash Markit PMIs (Mar 24, 1:45 pm GMT)
- Manufacturing PMI is expected to drop from 50.7 to a contractionary 49.4 reading in March
- Services PMI could hit 48.5 after printing at 49.4 in February
Unemployment claims (Mar 26, 12:30 pm GMT)
- This isn’t usually a market mover but reports that weekly jobless claims could hit as much as 2.25 MILLION (from 281K last week) makes this release one to watch
Core PCE price index (Mar. 27, 12:30 pm GMT)
- Core PCE price index is expected to rise by 0.2% after a 0.1% growth in January
- The Fed closely watches the PCE price index for inflation cues so you should too
- The report’s impact may pale in comparison to the Fed’s more immediate (TRILLION-DOLLAR!) concerns, however
Other lower-tier reports
- Richmond’s manufacturing index (Mar 24, 1:45 pm GMT) could drop from -2 to -10 in March
- New home sales (Mar 24, 2:00 pm GMT) could ease from 764K to 750K
- Durable goods orders (Mar 25, 12:30 pm GMT) is seen to deteriorate from -0.2% to -0.8% in February. The core reading is also expected to dip from 0.8% to -0.2%
Market risk sentiment
- Watch the newswires closely for more monetary and fiscal policy changes from U.S. authorities and see how it affects market sentiment and prices of major asset classes
- Another round of risk aversion in the markets could extend USD’s gains across the board this week
- PMI reports from other major economies can also inspire volatility among USD’s counterparts
Technical snapshot
- RSI is flagging USD’s “overbought” conditions against GBP, AUD, NZD, and CAD on the daily time frame
- USD has seen the most volatility against AUD, NZD, JPY, and GBP in the last 30 days
- The dollar reigns supreme as USD trades above its short and long-term EMAs on the daily time frame
Missed last week’s price action? Read USD’s price recap for March 16 – 20!