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Dollar bounces to a new 2020 high - Having....>

FOREX
FOREX: Dollar bounces to a new 2020 high
- Having struggled to make much progress throughout the Coronavirus concerns,
the dollar enjoyed a second session in the green, prompting the USD index to
strike new multi-month highs and the best level since mid-October. The move was
catalysed by a series of technical breaks, with USD/CAD spilling above $1.30 and
GBP/USD chewing through trendline support at $1.2940. The move now looks to
Friday's nonfarm payrolls release, with recent data (most notably this week's
ADP release) suggesting it should be a particularly strong month for jobs
growth.
- Sterling extended recent downside to chew through support at $1.2940 and hit a
new 2020 low in the process. UK newsflow and datapoints were thin on the ground,
with markets still clearly taking the view that Brexit negotiations this year
could be problematic.
- Outside of NFP Friday, German industrial production (which may take some focus
after woeful factor orders Thursday) and the Canadian jobs report are also on
the docket. RBA release their MonPol statement also.
Energy BulletsCommodities
Energy BulletsCommodities

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