Last Friday’s fundamental news has put a damper on the Dollar’s recent attempts to attain 91.00. With a week full of fundamental news, this could be the week that the Dollar finally pushes through or reverts back to the downside.
Today is MLK Day in the United States and thus a bank holiday. There are a handful of fundamental events that will take place on Wednesday. For one, Joe Biden will be inaugurated as the new sitting president of the country. Then we will have the monetary policy statements for Canada and Japan. This will be followed by unemployment data for Australia.
Unfortunately, the fundamentals don’t let up after Wednesday. On Thursday we have the ECB where the expectation is that rates will remain at 0.00%. This will then be followed by the Philly Fed Manufacturing Index which is forecasted to have a result slightly better than the previous month. Finally, on Friday we have several manufacturing data releases for the Euro and the Dollar.
Typically traders would want to take a neutral bias on certain currencies before the fundamentals decide one for them. At the moment, the Dollar can go in either direction. Traders may find solace in trading minors for the time being.
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- Read yesterday’s breakdown: DXY Bullish Despite Bearish Fundamentals
