USD Index, Continues To Consolidate!
The USD Index is neutral at the moment, immediate support comes at the 89.45 levels, while resistance comes at the 90.18 levels.On the upside, a daily closing above 89.45 will extend recovery to the 90.75 levels where rejection is very likely, a clear break above that level will outlook bullish and pave the way to the 91.60 levels ahead of the 92.35 levels.
On the downside, a failure to hold above the 90.18 levels on a daily closing basis could mean a return to the 89.45 levels, a halt is likely but a cut would open 88.48 levels. Below this level will get the pair out the current range and turn outlook bearish to the 88.00 levels ahead of the 87.48 levels, next support comes at the 86.10 levels.
Conclusion: The USD Index continues to consolidate within 88.48/90.75 levels.
In the week ahead, the global financial markets will shift their focus on US inflation data to gauge their impact on the Federal Reserve’s monetary policy outlook in the coming months as well as Swiss National Bank Interest Rate Decision.
This is a list of the most important economic news for the week:
Tuesday, March 13
The U.S will produce data on consumer inflation.
It will not have a direct impact on the market, but rising inflation would be a catalyst to push the Fed toward raising interest rates.
Bank of Canada Governor Stephen Poloz will speak at an event in Ontario.
Wednesday, March 14
China will publish data on industrial production and fixed asset investment.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
ECB President Mario Draghi will speak at an event in Frankfurt.
The U.S will release data on retail sales and producer price inflation.
New Zealand will report on fourth-quarter economic growth.
Thursday, March 15
The Swiss National Bank will announce its latest monetary policy decision and publish its rate statement.
The United States will publish several economic reports, including data on unemployment claims, import prices, and industrial activity in New York and Philadelphia.
Friday, March 16
The eurozone will publish revised inflation data.
Canada will report on manufacturing sales.
The U.S will end the week with data on building permits, housing starts, and industrial production.
You can follow the rest of the week’s economic events by visiting: