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A mix of catalysts caused topsy-turvy price action for the dollar. Will we see a more consistent trend with this week’s catalysts?

Check out the market events you need to know about!

Initial jobless claims (Apr 23, 12:30 pm GMT)

  • As an early indicator for the labor market, traders look to the report for clues on the official monthly data
  • Last week’s saw an additional 5.25 initial claimants, bringing the total to 22 million newly unemployed workers in the past month
  • Analysts predict a 4-million addition this week

Flash Markit PMIs (Apr 23, 1:45 pm GMT)

Market risk sentiment

    • As a safe haven, traders flock to the dollar when they avoid higher-yielding, often riskier currencies
  • The number of coronavirus cases and how authorities respond to the health and economic challenges will continue to drive risk sentiment
  • Earnings reports of major U.S. companies can also affect demand for the U.S. dollar
  • Top-tier data releases from other major economies can factor in overall risk taking

Technical snapshot

  • The dollar has lost pips to ALL of its major counterparts in the last 30 days

  • USD is on bullish trends against CAD, EUR, and maybe CHF on the daily time frame
  • USD could see retracements or reversals against NZD, AUD, and maybe GBP
  • USD is still bearish against JPY

  • USD has been most volatile against NZD, AUD, GBP, and CAD in the last seven days

Missed last week’s price action? Read USD’s price recap for April 13 – 17!