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Not a lot of top-tier reports are scheduled this week, which opens the dollar’s price action to broader market themes.

Here are economic themes and events you’ll need to keep an eye on:

Lower-tier reports

  • Core price index (PPI) (Apr 9, 12:30 pm GMT) is expected to dip by 0.3% from a 0.1% slip in February
  • Core PPI could maintain its 0.3% decrease in March
  • University of Michigan consumer sentiment (Apr 9, 2:00 pm GMT) expected to drop from 89.1 to 80.0 in April
  • CPI (Apr 10, 12:30 pm GMT) might dip by 0.3% after a 0.1% gain in February
  • Core CPI is expected to weaken from 0.2% to 0.1% for the month

FOMC meeting minutes (Apr 8, U.S. session)

  • Remember that the Fed has cut its interest rates to near zero last month, and has launched an “unli-QE” program to help prop up the financial markets
  • Look out for members’ specific concerns, possible policy options, and the most likely guidance from the central bank in the next couple of weeks

Unemployment claims (Apr 9, 12:30 pm GMT)

  • After reflecting MILLIONS of initial jobless claimants in the last two weeks, traders will look to the report for a more accurate gauge of the pandemic’s economic impact
  • Market players see another 5 million initial claimants this week

Market sentiment

  • Risk appetite can make or break the dollar’s intraweek gains against is major counterparts
  • The meeting of OPEC and other major oil producers later this week highlights supply and demand issues related to the coronavirus pandemic
  • Euro Zone ministers are expected to start considering proposals for a coordinated action against the pandemic

Technical snapshot

  • Williams %R is flagging USD’s “oversold” conditions against GBP and AUD

    • USD is bullish against JPY and EUR with USD/CHF not far behind
    • USD could see retracements or reversals against CAD, NZD, and AUD on the daily time frame

Missed last week’s price action? Read USD’s price recap for March 30 – April 3!