USD Trading Outlook
U.S. Dollar Trading (USD) the eagerly awaited Spanish Bond auction went off without major drama but the subsequent rally was short-lived as rumors swept the market that France was about to be downgraded. This was quickly discounted and we saw the Euro once again close above 1.3100 well supported. Looking ahead, Canadian March Core CPI forecast at 0.3% vs. 0.4% m/m.
U.S. Dollar Trading (USD) most markets fell overnight as the stock markets pulled back on profit taking and the USD was strong against most except the resurgent British Pound. The market is awaiting the Spanish long term bond Auctions today in Europe for direction for the rest of the week. Looking ahead, Weekly Jobless Claims forecast at 370k vs. 380k previously. Also ahead, March Home Sales forecast at 4.62mn vs. 4.59mn
U.S. Dollar Trading (USD) the investor mood brightened again over night after the IMF upgraded global growth forecasts and a Spanish Debt Auction went well. US stock markets soared and were up over 200 points on the Dow at one stage leading the USD to be sold as safe haven demand dropped. Looking ahead, Crude Oil Inventories forecast at 1.6mn vs. 2.8mn previously.
U.S. Dollar Trading (USD) the market opened weak Monday morning but when support was found going into the European session at the major 1.3000 EUR/USD support we saw a market wide short squeeze. US stocks rallied and the USD was sold as the buyers were caught long in the safe haven. March Retail sales showed signs of life up 0.8% vs. 0.4% forecast m/m. Looking ahead, US March Housing Starts forecast at 1.0% vs. -1.1% previously. Also Bank of Canada Interest Rate Decision forecast to hold at 1.0%.
U.S. Dollar Trading (USD) weak Chinese GDP on Friday inspired risk off selling which turned into a Global stockmarket sell off. Adding to the fears was the European debt crisis returning via Spanish debt which climbed back above 6%. The US Consumer Sentiment index fell slightly as well to 75.7 vs. 76.2 previously. Looking ahead, April NY FED Manufacturing forecast at 18mil vs. 20mil previously. Also March Retail Sales forecast at 0.4% vs. 1.1% previously.
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