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Monday, April 12, 2021

A somewhat choppy start to the week for the dollar...

A somewhat choppy start to the week for the dollar...

A somewhat choppy start to the week for the more extensive Dollar and Index, in a relatively contained range with upside conviction as the European entrance saw new sessions highs with the intraday band currently at 92.331-172, ahead of its 18 DMA at 92.389.

The weekend saw remarks from Fed Chair Powell, who stuck to his guns with emphasis on the labour market, whilst noting the economy is recovering better than he had expected, but virus flare-ups remain a significant risk.

On that note, it is worth keeping on the radar the White House semiconductor summit slated for today (time TBC), as around 20 heavy-cap companies convene to discuss the chip shortage and its knock-on effect on auto production and subsequently jobs.

From a fiscal standpoint, reports suggest US President Biden aims to complete the infrastructure program by the summer and is open to cooperate on the structure of the spending plan – although the proposal drew for Republicans last week. Key risk events for the European session remain on the lighter side, although the state-side Note auctions (3s, 10s) may garner attention.

Looking ahead, the week is abundant with risk events, including US inflation , Fed speaks, and the official start of US earnings season, which could induce some sentiment-driven Dollar flows.



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