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US Dollar stands near 2.5 weeks lows. What comes next ?

US Dollar stands near 2.5 weeks lows. What comes next ?

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 23.6% retracement area. Bearish pressure is growing.

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EU Market View

Asian equity markets began the week subdued and US equity futures marginally pulled back from record levels. European stock markets are seen opening lower Monday, in cautious trading ahead of a week which sees the start of the U.S. earnings season as well as a deluge of important economic data.

The U.S. economy, the world’s largest, is at an “inflection point”, U.S. Federal Reserve Chairman Powell said in an interview on Sunday, with stronger growth and hiring ahead thanks to the vaccine rollout and powerful policy support. However, a resurgence of the virus is still a serious risk, Powell added. U.S. coronavirus cases bottomed nearly a month ago and have edged up steadily since then. Overnight, India reported a record number of Covid-19 infections, overtaking Brazil to become the second-most affected country globally by the coronavirus.

 

The dollar languished near 2-1/2-week lows against major peers on Monday as a decline in Treasury yields restrained the U.S. currency. Both the dollar and Treasury yields are taking something of a breather after scaling multi-month peaks at the end of last month, powered by bets that an accelerating U.S. recovery from the pandemic will lift inflation faster than Federal Reserve policymakers anticipate.

 

Oil was down Monday morning in Asia, with U.S. Federal Reserve Chair Jerome Powell saying the U.S. economy was poised for stronger growth while also cautioning that COVID-19 remains a threat.

 US President Biden aims to complete the infrastructure program by the summer, according to the US Energy Secretary.

EU Key Point

  • Italian health minister says less restrictive measures could be applied from May onwards.
  • Germany reports 13,245 new coronavirus cases, 99 deaths in latest update today.
  • USD has added small gains so far in Monday's Asia session.
  • Australian state leader says vaccination delays mean Australia will be left behind.
  • Fed's Powell says does not want to return to bad old days of inflation.
  • Iran says one of its nuclear facilities was hit by a "terrorist act".
  • Media reports that the UK and EU are close to agreeing to a trading agreement for Northern Ireland.
  • Fed's Powell: Economy really seems to be at an inflection point.

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