FOREX TREND IN COMPARISON WITH USD

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Today data from Census Bureau of America will be released in which 1 million new building permit issuance is estimated forecast as compare to the previous data of 1.35 million permits.  The Building Permits measures the change in the number of new building permits issued by the government pertaining to the month of April 2020. Building permits are a key indicator of demand in the housing market.  This is also considered to be an important data which will lead the USD in either direction according to the actual number.    The higher than the expected  figure will create an positive impact whereas lower than expected figures will create negative impact that the USD will be bearish.  Subsequently other currencies will give vice versa impact.  The dollar index will also depend on some other factors also at the later part of today’s trading session.  That is Federal Reserve Chairman, Jerome Powell is to testify on the economic outlook for the period from February 2018 to February 2022 and recent monetary policy actions before the Joint Economic Committee, in Washington DC.  The testimony is in two parts; the first is a prepared statement, then the committee conducts a question and answer session. The Q&A portion of the testimony can see heavy market volatility for the duration.



The dollar index is trading at 99.35 which has slide down from 100.50 mark.  It is anticipated that the dollar index will climb up upto 100 mark again, after the release of data and Fed Chairman Powell’s iquestion / answer interaction.

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