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Talking Points:
• The USDollar has advanced this past week despite a tepid rate forecasts and stubborn risk appetite
• A heavy economic calendar - FOMC, US GDP, NFPs - threatens to revive rate speculation and maybe even risk
• We look at all of the dollar-backed majors with a particular interest in EURUSD and GBPUSD
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Event risk and fundamental trends weren't very favorable to the US Dollar this past week, but that didn't prevent the currency from marking a convincing bullish turn through the period. The scene is set for a more productive trend to develop, but conviction and momentum require the market's backing - and that is where fundamentals and market conditions come into play. To charge a move, we have the US 2Q GDP release, FOMC rate decision and Friday NFPs amongst other data. Yet, to chart a course with momentum, we may also need underlying conditions to shift from aimless range to concerted trend. We focus on the US Dollar in today's Strategy Video.
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