USD Trading Outlook
U.S. Dollar Trading (USD) had a mixed day Thursday with US stocks well supported on impressive company results while the EUR/USD was under pressure after Spain was downgraded. Weekly Jobless Claims were a little weaker pushing up to 388k vs. 375k. Looking ahead, Q1 GDP forecast at 2.5% vs. 3% previously.
U.S. Dollar Trading (USD) the USD was sold post FOMC overnight with the maintaining its easy monetary policy with a slight upgrade to forecasts. Overall the FOMC meeting was very supportive for markets and weak for the USD going forward. Fridays Q1 US GDP report will be critical for the US recovery story and the Global stock market rally waiting for clearer information on the health of the US economy. Looking ahead, Weekly Jobless Claims are forecast at 375k vs. 386k previously. March Pending Home Sales are forecast at 1% vs. 0.5% previously.
U.S. Dollar Trading (USD) the USD gained overnight as the negative European weekend press caused risk aversion and a global stock market sell-off. Some concern is that the failure to pass a Budget in the Netherlands could lead to the large European Country being downgraded from its AAA status. Looking ahead, February Case Shiller forecast at -0.6% vs. -0.8% m/m. March New Home Sales forecast at 0.32mn vs. 0.313mn previously.
U.S. Dollar Trading (USD) the market sold the USD into the weekend as the EUR/USD recovery extended higher. With little data out the market reacted to news flow from the Eurozone and in particular the increases to IMF funding pledged from G20 which amounted to 400bn. Looking ahead, No US Data to start the week.
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