US dollar was unable to take a clear direction ahead of President Trump’s expected congressional address later today. The US dollar index, measuring the USD’s strength against a basket of currencies has kept mostly within the range of 100.69:101.25 so far this week with Trump’s mention of a forthcoming increase in military spending mostly helping the dollar bulls.

Trump will make his first address to a joint session of Congress today, and is expected to outline an agenda for his first year tackling issues such as immigration and infrastructure amongst others. The USD has been suffering from lack of details from the Trump administration and such address is likely to attract attention as traders look for direction.

EURUSD has remained in positive territory for the week and has yesterday marked session highs of 1.0630. So far gains made yesterday remained preserved with the currency pair currently at 1.0588. TraderTip sees daily resistance at 1.0627:1.0667 while support is at 1.0549:1.0511.

Yesterday we saw growth in the January numbers for US Durable goods orders, reversing a small contraction last month. Even Pending Home Sales were positive on the Y/Y basis despite a contraction on the M/M basis for January.

From the data front today we have scheduled French GDP, Swiss KOF leading indicator, and US GDP, PCE and Consumer confidence.

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