US Dollar Rally Enters Fifth Week – What Could Derail It?
The Dow Jones FXCM Dollar Index (ticker: USDOLLAR) strengthened for the fifth-consecutive week as the Japanese Yen continued to tumble, and the coming week brings a flurry of central bank activity as well as a highly-anticipated G20 meeting sure to cause further price moves.
Euro At Risk of Tumble if Sentiment Fails or ECB Softens on Growth
The euro was little changed this past week despite a heavy round of event risk that wore away the foundation of the currency’s six-month bull trend. Having advanced nearly 11 percent over the past seven months, EURUSD’s bullish progress is increasingly difficult to sustain.
G20 Clears Way for Further Yen Weakness; Seasonal Trends at Odds
What a difference one week makes. After the briefest of reprieves, the Japanese Yen was bank in the gutter, weakening across the board in the second full trading week of February, but for against the British Pound, which it gained +0.92% against.
British Pound Outlook Bearish Amid Further Easing Concerns
The coming week begins with the markets digesting the weekend’s G20 summit in Moscow and follows with the minutes from February’s BOE meeting coming into focus.
Gold Plummets on Hawkish Fed Outlook- $1585 Now Key Support
The Australian Dollar will see the outlook for RBA monetary policy return to the spotlight in the week ahead. First, the central bank is due to release minutes from its February meeting.
Australian Dollar Looks to RBA Minutes for Rate Cut Timing
The decline that we have warned about for some time in these weekly forecasts began early this week with bullion breaking back below the 200-day moving average before plunging through key support at $1626.
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Source: Daily fx
