US dollar continues in its winning streak as it yesterday concluded its 5th consecutive day of gains. The US dollar index hit 7-week highs yesterday as it tested 102.26, the US dollar index measures the value for the USD against a basket of currencies.
Helping support for the USD is definitely the upcoming Fed meeting between 14th and 15th March, with earlier Fed talking raising expectations that the next hike may be as early as this month.
EURUSD continued within its declining trend, on the daily chart the currency pair resumed the decline early into last month. Today’s Tradertip scenario sees moves lower supported at 1.0485 zone to then resume higher targeting 1.0542 or higher – a drop below 1.0462 would cancel the move higher.
Later today a number of Fed speakers are scheduled to speak, and Yellen is one of them. A hawkish tone could possibly continue helping the USD higher.
Throughout the european session we have EZ PMIs and retail sales, even UK PMI is due. In the us session its again PMIs we are expecting but after that its all about the Fed speakers as we enter the weekend.
