The dollar fell in trading yesterday but the major currencies bloc is not showing much change so far today outside of the Japanese yen that is. USD/JPY continues to run rather volatile, now climbing back up to above 150.00 levels after the drop since US trading yesterday. The low earlier touched 149.27, just a few pips shy of the 50.0 Fib retracement level of the swing higher since September at 149.22.
All in all, the greenback remains in a vulnerable spot as we approach the closing stages on the week. That especially with EUR/USD running up against key resistance at 1.0500. That will be one to watch in the sessions ahead. The bad news for the dollar is that the fall yesterday comes despite sagging risk sentiment. It’s never a good look when that happens.
For today, PMI data will be the key economic data releases to watch. That will apply to both Europe and the US later. Any major surprises there could trigger some decent moves in the euro and/or the dollar. So, do keep an eye out for that.
0700 GMT – UK January retail sales data
0745 GMT – France February business confidence
0815 GMT – France February flash manufacturing, services, composite PMI
0830 GMT – Germany February flash manufacturing, services, composite PMI
0900 GMT – Eurozone February flash manufacturing, services, composite PMI
0930 GMT – UK February flash manufacturing, services, composite PMI
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
Go Maple Leafs! Adam’s definitely happy with this one 😬
