The U.S. Dollar Index rose due to good macroeconomic data
Frankfurt (Apr 22) The U.S. Dollar Index (USDIDX) rose due to good macroeconomic data in the U.S.. The Leading indicator for March rose by 0.8%. This is more than the preliminary forecasts. Technically the U.S. Dollar Index has been closing positively for seven consecutive days. Meanwhile, according to the Commission Commodity Futures Trading (CFTC), the net sell net short in the USD has been formed last week for the first time since October. Today at 14-00 CET, we will see the Real Estate market data from the United States for March, as well as the manufacturing index from the Federal Reserve Bank of Richmond in April. The overall prognosis is positive in our opinion.
At 15-00 CET, we will see the EZ Consumer Confidence index for April. According to forecasts, it may be the highest of the last six years. It is difficult to say yet, which data will influence the market stronger and where the Euro vs. the U.S. Dollar will move at the session. The Euro is rising in the morning. In our opinion, the neutral trend may continue, as market participants await further clarification on the possible ECB monetary emission. The ECB President, Mario Draghi is going to speak in Amsterdam on Thursday. He said earlier that the excessive growth of the Euro (EURUSD) can be a trigger to start easing the monetary policy. These words provoked the Euro weakening. Now some investors expect a similar reaction of the market and they are not in a hurry to buy the single currency.