The U.S. Dollar First Weekly Gain Since December

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USD-OverviewDollar Strength

U.S. investors renewed optimism in pro-growth policy last week sparked by a promise by the White house to overhaul business taxes. In response, the US Dollar index traded higher for the first weekly gain since December, although unable to sustain gains above the crucial 101.00 big figure.

usdindex 021017
USD Index showing resistance at big figure of 101.00

Big losers this week against the USD include the euro and pound, which both bell 0.3% against the Greenback.

Dollar Outlook

While many investors have been selling the USD since Trump stated that the currency was already too strong, Citigroup Inc., which is the world’s largest Forex trading firm, predicts a rising dollar in 2017.

Time will tell. This week was a choppy week as the 2017 trend shifted from a weaker dollar to a stronger one, but we expect more trading opportunities in the week ahead as the Forex market corrects itself.

Economic Calendar – High Alert

A few headliners to be aware of next week.

Feb 14, 05:00 Gross Domestic Product s.a. (QoQ) Feb 14, 05:00 Gross Domestic Product s.a. (YoY) Feb 14, 10:00 Fed's Yellen Speech Feb 15, 03:00		 Non-monetary policy's ECB meeting Feb 15, 08:30		 Retail Sales ex Autos (MoM) Feb 15, 08:30		 Retail Sales (MoM) Feb 15, 08:30		 Retail Sales control group Feb 15, 08:30		 Consumer Price Index (YoY) Feb 15, 08:30		 Consumer Price Index Ex Food & Energy (YoY) Feb 15, 10:00		 Fed's Yellen Speech Feb 15, 12:45		 FOMC Member Harker Speech Feb 15, 19:30		 Employment Change s.a. Feb 15, 19:30		 Unemployment Rate s.a. Feb 16, 07:30		 ECB Monetary Policy Meeting Accounts Feb 16, 08:30		 Building Permits Change Feb 16, 08:30		 Building Permits (MoM) Feb 16, 08:30		 Initial Jobless Claims Feb 16, 11:00		 EU leaders summit Feb 20, 19:30		 RBA Meeting's Minutes
All times posted are in New York time (GMT-5)
 

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