USD Weekly Forecast – Domestic Reports in Focus

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It’s the last full trading week for the month!

Think you’re ready to crush dollar trading?

Here are market themes you need to know about.

Lower-tier economic releases

Existing home sales (June 22, 2:00 pm GMT) to dip from 4.33M to 4.1M in May?
Markit manufacturing PMI (June 23, 1:45 pm GMT) expected to jump from 39.8 to 47.8
Markit services PMI could improve from 37.5 to 44.8 in June
New home sales (June 23, 2:00 pm GMT) seen at 630K (from 623K)
Durable goods orders (June 25, 12:30 pm GMT) to rocket from -17.7% to 12.6%
Final GDP (June 26, 12:30 pm GMT) likely to maintain -5.0% reading for Q1 2020
Natural gas storage (June 25, 2:30 pm GMT) moved oil prices last week
Core PCE price index (June 26, 12:30 pm GMT) seen at 0.1% from -0.4% print in April
Personal spending (June 26, 12:30 pm GMT) could jump from -13.6% to 5.1% in May

As a safe haven currency, the dollar gains popularity when traders don’t feel like taking risks
Updates on coronavirus cases and the chances of lockdown measures being imposed can affect dollar demand
Vaccine and stimulus news can also influence risk-taking in the markets
No FOMC member speech scheduled this week, which could turn investors’ focus on U.S. fundamentals

Stochastic considers the dollar “overbought” against the pound
The dollar is “oversold” against the yen
USD is on the upper half of the oscillator against AUD, EUR, and CAD on the daily time frame

The dollar is seeing short AND long-term bearish trends against the Aussie, Kiwi, franc, and yen
It’s bullish against the pound, however
Watch out for retracement or reversal opportunities GBP/USD, EUR/USD, and USD/CAD

USD was most volatile against AUD, NZD, GBP, EUR, and CAD, in the last seven AND thirty days