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Can the Greenback maintain bullish momentum last week? Or were the bears just taking a breather?

Let’s improve our odds by taking a look at these potential catalysts!

FOMC members’ scheduled speeches

  • Governor Powell has THREE opportunities to repeat the Fed’s main biases from the previous week
  • He will testify before the Senate Banking Committee on June 16, 2:00 pm GMT and the House Financial Services Committee on June 17, 4:00 pm GMT, and will participate in a virtual panel discussion on June 19, 5:00 pm GMT
  • Dallas’ Kaplan (June 15, 3:00 pm GMT) will speak before the Money Marketeers of New York University
  • Clarida (June 16, 8:00 pm GMT) has a speech scheduled
  • Cleveland’s Mester will talk COVID-19 response at a Council for Economic Education event on June 17, 8:00 pm GMT and June 18, 4:15 pm GMT in a panel discussion
  • Quarles (June 19, 4:00 pm GMT) will talk bank stress tests

U.S. economic reports

  • Headline retail sales (June 16, 12:30 pm GMT) to rise by 6.0% after falling by 16.4% in April
  • Core retail sales could pop up by 5.0% after April’s -16.2% read
  • Industrial production (June 16, 1:15 pm GMT) seen at -2.0% from -11.2%
  • Weekly initial jobless claims (June 18,12:30 pm GMT) to add another 1.28M new claimants?

Market risk sentiment

  • Concerns over a second wave of COVID-19 infections in the U.S. and around the world could keep the safe haven dollar supported
  • If focus returns to major economies reopening, then USD could lose its shine and extend its downtrend against its higher-yielding counterparts

Technical snapshot

  • Stochastic considers the dollar “oversold” against the yen
  • Watch out for similar signals against EUR, CHF, and NZD in the next few trading sessions
USD Forex Pairs Stochastic from MarketMilk
USD Forex Pairs Stochastic from MarketMilk
  • The dollar is on short and long-term downtrends against the yen
  • USD is starting to gain support against the comdolls and the European high-yielding currencies
  • Watch USD/CAD and GBP/USD for retracement or reversal opportunities
USD Forex Pairs EMAs from MarketMilk
USD Forex Pairs EMAs from MarketMilk
  • The dollar was most volatile against the comdolls and the pound in the last seven days
USD Forex Pairs Volatility from MarketMilk
USD Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read USD’s price recap for June 8 – 12!