3 Sep 2013
DXY pressing higher still – benefitting Monday from weak euro
FXstreet.com (Barcelona) - The DXY rose again Monday on the back of weaker-than-expected German Manufacturing PMI data and an utter lack of US data. The data flow gets turned way up starting Tuesday, however.
DXY has a steady stream of data to absorb the rest of this week
The data flow will likely move the DXY around, but the possible flight-to-safety trade may also be a big influence on the greenback. Here's the schedule of major DXY-movers for the rest of this week:
* Tuesday: Australian rate decision; EuroZone PPI; US ISM Manufacturing PPI; US Construction Spending
* Wednesday: Australian GDP; Services PMI readings from all over Europe; EuroZone GDP; EuroZone Retail Sales; US Trade Balance; Bank of Canada rate decision; US Fed Beige Book; Fed’s Dudley speaking
* Thursday: Bank of Japan rate decision; Fed’s Kocherlakota speaking; German Factory Orders; Bank of England rate decision; ECB Interest Rate Decision; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
* Friday: German Industrial Production; Canadian Inflation Data; Canadian Employment Data; US Monthly Employment Report
Technical outlook for the DXY
Technicians are now short-term bullish on the DXY, but they do acknowledge that it is overbought short-term and should see a corrective phase once the upside target of 82.45 is tested. They say to look for a pullback and test of the 82.20 – 82.04 level to be entering Dollar-bullish positions.
DXY has a steady stream of data to absorb the rest of this week
The data flow will likely move the DXY around, but the possible flight-to-safety trade may also be a big influence on the greenback. Here's the schedule of major DXY-movers for the rest of this week:
* Tuesday: Australian rate decision; EuroZone PPI; US ISM Manufacturing PPI; US Construction Spending
* Wednesday: Australian GDP; Services PMI readings from all over Europe; EuroZone GDP; EuroZone Retail Sales; US Trade Balance; Bank of Canada rate decision; US Fed Beige Book; Fed’s Dudley speaking
* Thursday: Bank of Japan rate decision; Fed’s Kocherlakota speaking; German Factory Orders; Bank of England rate decision; ECB Interest Rate Decision; US ADP Employment Change; US Weekly Jobless Claims; US Non-Farm Productivity & Labor Costs; US Factory Orders; US ISM Non-Manufacturing PMI
* Friday: German Industrial Production; Canadian Inflation Data; Canadian Employment Data; US Monthly Employment Report
Technical outlook for the DXY
Technicians are now short-term bullish on the DXY, but they do acknowledge that it is overbought short-term and should see a corrective phase once the upside target of 82.45 is tested. They say to look for a pullback and test of the 82.20 – 82.04 level to be entering Dollar-bullish positions.