Weekly outlook DXY: Coronavirus and jobs
The price get out from the channel on friday with a strong daily candle the coming week outcome about the coronavirus evolution and the jobs reports on US are the special variables to stay alert:
In the fundamental side:
The coronavirus is spreading in a fast way, the OMS has declare for an emergency situation giving gas to the dollar index to move deep lower. On this week we are going to se the jobs reports on wednesday and friday, this fundamentals news are important because the Fed is tracking very closely, in special because the last job report was lower than the market expectation, the market since the last week Powell speak is expecting for the year end at least two cut rates, so this jobs numbers can increase this odds and put in on reality before the end of the semester.
In the technical side:
The price end the last week with a strong bear daily candle, getting outside of the channel, right now the price has upside pressure because the big upside move of the onshore yuan index, the USDCNY, and the correlation between both currencies, so for this week we can expect sideway movement or a litte retracement, before keep going deeper lower.
In the fundamental side:
The coronavirus is spreading in a fast way, the OMS has declare for an emergency situation giving gas to the dollar index to move deep lower. On this week we are going to se the jobs reports on wednesday and friday, this fundamentals news are important because the Fed is tracking very closely, in special because the last job report was lower than the market expectation, the market since the last week Powell speak is expecting for the year end at least two cut rates, so this jobs numbers can increase this odds and put in on reality before the end of the semester.
In the technical side:
The price end the last week with a strong bear daily candle, getting outside of the channel, right now the price has upside pressure because the big upside move of the onshore yuan index, the USDCNY, and the correlation between both currencies, so for this week we can expect sideway movement or a litte retracement, before keep going deeper lower.
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