- USDOLLAR Eyes December Low (10,565)- Bullish Bias at Risk
- AUDUSD Slumps as
Daily Change (%)
DJ-FXCM Dollar Index
Advance Retail Sales (JAN)
Advance Retail Sales ex Autos (JAN)
Advance Retail Sales ex Auto and Gas (JAN)
Initial Jobless Claims (
Continuing Claims (
Business Inventories (DEC)
The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) outlook in turning increasingly bearish as it approaches the December low (10,565), and the near-term decline may gather pace ahead of the next Fed meeting on
The recent batch of dismal U.S. data may alter the policy outlook as it highlights a weakening outlook for growth and inflation, but the Federal Open Market Committee (FOMC) may continue to implement a
In turn, the Fed's policy outlook may continue to limit the downside risk for the dollar, and we would need to see a potential turn in the dollar ahead of interim support to retain a constructive outlook for the greenback.
Three of the four components advanced against the greenback, led by a 0.58 percent rally in the Euro, while the Australian dollar bucked the trend as the region's dismal Employment report weakens the fundamental outlook for the $1T economy.
Indeed, the AUDUSD may have set a lower high in February as the Relative Strength Index (RSI) threatens the bullish trend carried over from the previous month, and it seems as though the near-term correction is coming to an end should the oscillator show a meaningful break to the downside.
With that said, the Reserve Bank of