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US AM Digest: US Dollar at Highest Level in Three-Weeks

US AM Digest: US Dollar at Highest Level in Three-Weeks

DailyFX Research,

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The US Dollar has continued to trade higher on Wednesday, following gains yesterday stemming from new Fed Chair Jerome Powell’s testimony in front of the House Financial Services Committee. While he is not due to reappear today, traders are still digesting the commentary which suggested that a faster pace of rate hikes could be coming in 2018. With the DXY Index back at its highest levels in three weeks, EUR/USD dropped to its lowest level since February 9. Another weak inflation print out of the Eurozone has contributed to the Euro’s weakness, when put in context of comments made by ECB President Mario Draghi (among other policymakers) about the need for continued extraordinary stimulus earlier this week.

DailyFX Economic Calendar: Wednesday, February 28, 2018 – North American Releases

US AM Digest: US Dollar at Highest Level in Three-Weeks

The bulk of market moving data due out in the North American trading session is in the rearview mirror. The revision to the Q4’17 US GDP report fell in line with expectations at +2.5% annualized, leaving little discernable impact in its wake. Later, January US Pending Home Sales are due, which are worth watching in particular as US housing data has been weakening the past few months. Additionally, energy inventory figures from the DOE are due, as they are each Wednesday. Tomorrow, Fed Chair Powell revisits Capitol Hill, where he will testify in front of the Senate Banking Committee.

DailyFX Webinar Calendar: Wednesday, February 28, 2018

US AM Digest: US Dollar at Highest Level in Three-Weeks

Five Things Traders are Reading

  1. “US Dollar Bottoming Effort Takes a Step Forward” by Christopher Vecchio, CFA, Senior Currency Strategist
  2. “Trading Outlook for USD-pairs, GBP/JPY, and Euro & Yen Cross-rates” by Paul Robinson, Market Analyst
  3. “EUR Stable as Euro-Zone Inflation Matches Expectations” by Martin Essex, MSTA, Analyst and Editor
  4. “Litecoin Price Nears Important Chart Levels” by Nick Cawley, Analyst
  5. “DAX Trading Outlook: Bear-flag or Rally, Either Way Watch the Higher-lows” by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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