The USD Holding 97.00 To Start the Week
Rowan Crosby • 1 min read
The USD has continued to hold up above key support, as the new trading week got off to a relatively slow start.
While US markets were back after the Easter break there was very little by way of action to get things moving. The main news of the day was that President Trump was looking to end sanction waivers on Iran, which led to a strong rally in WTI and oil stocks.
Overall, the price action was limited and there could be some quiet times ahead with a host with more holidays that will impact Asian trade this week as well as a relatively thin economic calendar.
The main mover for the USD will likely be US GDP on Friday, which is predicted to be 1.8% YoY, down from the prior reading.
The USD is actually quite strong and the fact that 97.00 is holding should give the bulls a fair bit of confidence in my opinion. A strong, GDP will no doubt boost the Greenback further.
Asian Session Wrap
The calendar is bare today, and the main data point of note this week will be Aussie CPI which is out tomorrow.
The expectation is for 0.2% for the quarter which is very sluggish to say the least and if you recall, it is one of the key points for the RBA to cut rates.
I’ll have a more detailed look at this release later today.