Will The Dollar Continue to Strengthen

This weeks economic calendar is jammed packed with events and as the Dollar strengthens during the Asian session, the New Zealand Dollar and Japanese yen followed suit. The Australian Dollar is the weakest, followed by Canadian Dollar and the Euro. But after all, major pairs and crosses are bounded in Friday’s range. Movements and momentum are weak during the Asian session and at the time of writing, Nikkei is down -1.26%, Shanghai SSE is down -1.13%, Singapore Strait Times is down -0.65%. WTI crude oil gave up some recent gains but stays firm above 73. Gold continues to hover around support 1250 and last week’s low at 1246 looks vulnerable.

The upcoming week is very eventful, In particular, important for Sterling, Canadian Dollar and Australian Dollar with important data and RBA meeting featured. Despite last weeks retreat the dollar stays in bullish territory and the main focus will be at support regions for EURUSD 1.1507, 1.0348 in GBP/USD and 0.7328 in AUD/USD. We’re expecting downside breakout in these pairs sooner or later. USD/CAD has its BoC rate outlook this week so will be staying on the side until it is released.

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