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Dollar has so far started the week strongly after last week's massive rally. Dollar is trading at 99.50, up 0.16% for the day so far.
- Last week Dollar is up 3.36% against Euro, 2.83% against Franc, 1.90% against Pound, 1.04% against Yen, 0.57% against New Zealand Dollar, 0.17% against Canadian dollar. Aussie is the only currency among these that rose against dollar, by 1.17%.
However, several technical indicator is denoting that the current rally remains vulnerable due to extreme one sided sentiment.
Preview of economic dockets that might impact dollar rally this week -
- Wednesday, April 15th - ECB interest rate decision at 11:45 GMT and press conference might pop up Euro, thus ending dollar's rally. It might also reignite the rally.
- Wednesday, April 15th - Bank of Canada (BOC) rate decision at 14:00 GMT. Rate cut will provide boost to dollar.
- Friday, April 17th - Consumer price index data from US at 12:30 GMT.
Probabilities are high that Euro might break to new yearly low this week, over ECB monetary policy minutes. Euro is currently trading at 1.06 against dollar.
