During the last week, the DXY remained relatively stable, with a maximum value of 102.1 and a minimum value of 101.59, and an average value of 101.925. The most significant economic event that had an impact on the US dollar was the Nonfarm Payrolls report released on April 7th, which showed that the US economy added 650,000 jobs in March, beating expectations. The Participation Rate, Private Nonfarm Payrolls, and Unemployment Rate reports also had an impact on the US dollar.
Looking ahead to the following week, there are several economic events with an impact on the US dollar scheduled. The most important ones are the CPI and Core CPI reports on April 12th, which will provide insights into inflationary pressures in the US economy. The FOMC Meeting Minutes on the same day will also be closely watched by investors as they could provide clues about the future direction of US monetary policy. The PPI and Initial Jobless Claims reports on April 13th, and the Retail Sales report on April 14th, are also important events that could impact the US dollar.
Based on the planned events in the economic calendar, it is difficult to forecast the exact direction of the DXY for the following week. However, if the CPI and Core CPI reports show higher-than-expected inflation, it could put upward pressure on the US dollar. On the other hand, if the FOMC Meeting Minutes suggest that the Fed is in no rush to raise interest rates, it could put downward pressure on the US dollar.
In terms of financial events, the ongoing COVID-19 pandemic and its impact on the global economy will continue to be closely monitored by investors. The progress of vaccination programs and the effectiveness of government stimulus measures will be important factors in determining the direction of financial markets.
Overall, while the DXY remained relatively stable during the last week, the upcoming economic events, particularly the CPI and Core CPI reports, could have a significant impact on the US dollar. Investors will also continue to monitor the COVID-19 pandemic and its impact on the global economy.