US DOLLAR BACK IN THE GREEN IN MIXED WEEK AHEAD OF FED
- The US Dollar pops back above a crucial level ahead of Fed meeting.
- Traders were surprised by upbeat JOLTS numbers, with job openings still at elevated levels.
- The US Dollar Index is hovering around the 200-day SMA and remains stuck in its pattern.
The US Dollar (USD) is facing its first main event of 2024 with the US Federal Reserve rate decision for January. All eyes will be on the Federal Reserve Chairman Jerome Powell and what he will deliver to the markets. Although no rate changes are expected, the tone of the statement from Powell can still be either hawkish or dovish and could dampen hopes for a quick rate cut further with a repricing for a (stronger) US Dollar at hand.
On the economic front, a perfect menu lies ahead of the main event this Wednesday evening. Traders will get the chance to dig into the privately compiled ADP Employment Change report ahead of the official US jobs report on Friday. The Chicago Purchasing Managers’ Index for January is due to be released as well, with traders seeking confirmation of the number jumping out of contraction territory (over 50), like the PMI prints last week. Such a move would help confirm a recovery and soft landing
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