The significant decline in the USD has caught a lot of market participants breathlessly covering positions on both sides of the market place. With the US government's triming down its 4th quarter growth estimate have dragged the USD Index down to its lowest level @79.69 basis point.
With the US economy expanding to 2.4% annual pace as economist expectations was actually lowered from the original downward revison earlier reported at 3.2%. What the market has absorbed earlier in the week was just for starters as another round of influential data from both sides of the continent would be out this week from the US ISM - Manufacturing & Non-Manufacturing PMI(USD), the RBA Interest Rate(AUD), EU GDP figures and UK inflation report including rate decision, on top of ECB Draghi's speech on Thursday (Mch 06). And finally culminating the week with the US Non-Farms Payroll and unemployment rate (Feb).
Strategic Insight:
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