The most important regular data this week is Friday’s non-farm payrolls (NFP). American balance of trade and various Canadian releases are scheduled for the same time, so USDCAD is likely to be very active on Friday afternoon.
Sentiment for the dollar has improved recently as progress in coronavirus vaccinations, moves by U.S. President Joe Biden to pass more fiscal stimulus, and improving economic data forced some bearish investors to give up their short positions.
The dollar faces another test on Friday with the release of non-farm payrolls data, which will help confirm whether the world’s largest economy has shrugged off a dip in growth toward the end of last year.
Wednesday’s ADP is a ‘pre-look’ at Friday’s NFP report. This will be the first of the Biden Administration and is expected to show a gain of 70k jobs, which is up from the negative 140k job lost last month. The unemployment rate is expected to hold steady at 6.7%.
On the face of analysts’ predictions combined with our technical analysis, we might expect the greenback to continue upward to retest the latest high but entering a large trade here before the data is still a big risk.
In the cryptocurrency market, ethereum hit a record of $1,698 ahead of the listing of ethereum futures on the Chicago Mercantile Exchange next week.
Bitcoin, the most popular crypto currency, is at $38,094.
Elsewhere, the Australian dollar edged up to $0.7626, supported by hopes for U.S. stimulus and progress in securing coronavirus vaccines.
Reserve Bank of Australia will update its economic forecasts on Friday, which could determine whether the Aussie continues to rise.
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