Market -Weekly Outlook Apr 30 2018

In the week ahead, the global financial markets will focus on the Federal Reserve's monetary policy meeting and April's jobs report.

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USDINDEX: Bullish Eyes Further Upside!

The USD Index maintained a bullish momentum last week, bottomed at the 90.05 levels and topped at the 91.76 levels. Now the focus will be on the 91.76 levels. The USD Index will have to break and hold above the 91.76 levels on a weekly closing basis to push the market for further upside gains if seen it will target the 92.77 levels, a halt is likely and it may test the 91.76 levels before the next leg up above 92.77 levels, however; above 92.77 will aim the 94.00 levels, further upside, resistance comes at the 95.40 levels.

On the downside, a failure to hold gains above the 91.76 levels could mean a return to the 90.85 levels ahead of the 90.05 levels, a halt is likely and it should go up from here, anyway, below 90.05 will reverse risk to the downside to the 88.13 levels, further down, support comes at the 86.85 levels.

Conclusion: The U.S Dollar Index sees upside threats above the 90.05 levels.

In the week ahead, the global financial markets will focus on the Federal Reserve’s monetary policy meeting and April’s jobs report.

This is a list of the most important economic news for the week:

Tuesday, May 1

Financial markets in China, Germany, Italy, and France will be closed for holidays.

The Reserve Bank of Australia will announce its benchmark interest rate and publish a rate statement at 04:30 GMT.

The UK will release data on Manufacturing PMI at 08:30 GMT.

Canada will publish data on economic growth at 12:30 GMT followed by BoC Gov Poloz Speaks at 18:30 GMT.

The U.S will report on ISM Manufacturing PMI at 14:00 GMT.

Wednesday, May 2

Germany will release data on its Manufacturing PMI at 07:55 GMT.

The U.K will report on Construction PMI at 08:30 GMT.

The Fed will announce its latest monetary policy decision and publish its rate statement at 18:00 GMT.

Thursday, May 3

Financial markets in Japan will be closed for a holiday.

The UK will report on Services PMI at 08:30 GMT.

The eurozone will report on consumer inflation at 09:00 GMT.

The U.S will publish the weekly report on jobless claims at 12:30 GMT and ISM Non-Manufacturing PMI at 14:00 GMT

Friday, May 4

Financial markets in Japan will be closed for a holiday.

The U.S will end the week with the nonfarm payrolls report for April at 12:30 GMT.

You can follow the rest of the week’s economic events by visiting:

Live Economic Calendar

Conclusion: The USD may see a buying opportunity this week.

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