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It was chop city for the U.S. dollar has historic oil price movements sparked a roller coaster ride in global risk sentiment, U.S. economic data continues to disappoint, and the U.S. approves more massive stimulus measures to keep the economy alive.

In the end, the Greenback comes out a net winner, likely on some mix of negative global risk sentiment driving flows into the U.S. and the possibility of the U.S. economy slowly reopening.

Overlay of USD Pairs: 1-Hour Forex Chart
Overlay of USD Pairs: 1-Hour Forex Chart
USD Weekly Performance from MarketMilk
USD Weekly Performance from MarketMilk

United States Headlines and Economic data

Monday:

U.S. Delays Some Tariff Payments, Leaves China Levies in Place

Chicago Fed economic index takes recessionary plunge in March

Global risk aversion sentiment dominates the markets, sparked by the historic crash in oil, to give the U.S. dollar a mostly positive start to the week against the majors.

Tuesday:

U.S. existing home sales tumble in March

U.S. President Trump to suspend immigration for 60 days

U.S. Senate passes $500B deal for small business COVID-19 relief

Wednesday:

U.S. Mortgage Rates Hold At 3.45%, Existing Home Sales Plummet -MBA

FHFA House Price Index Up 0.7 Percent in February; Up 5.7 Percent from Last Year

It looks like the Greenback topped out for the week during the Wednesday session, correlating with the improving global risk sentiment as oil bounced back from it’s historic crash earlier in the week.

Thursday:

US weekly jobless claims hit 4.4 million, bringing 5-week total to more than 26 million

U.S. House to pass nearly $500 billion more in coronavirus relief

IHS Markit Flash U.S. Composite PMI – Output contracts at fastest pace in survey history amid COVID19 pandemic

Fed Focuses on Lending Programs, but Monetary Policy Deliberations Loom

A combination of more stimulus from the Fed and U.S. government, weak U.S. survey data, plus a continued recovery in oil prices were likely the catalysts for the Greenback’s move lower on the session.

Friday:

U.S. Durable-Goods Orders Drop as Economic Outlook Sours

US consumer sentiment falls for a third consecutive month

Some states begin to reopen as US closes in on 1 million coronavirus cases