Fundamental Analysis:

The U.S dollar strengthened across the board against a basket of other major currencies on Thursday, as the release of a flurry of U.S. economic reports overshadowed recent dovish comments by Federal Reserve Chair Janet Yellen.

The U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits in the week ending February 21 increased by 31,000 to 313,000 from the previous week’s revised total of 282,000.

Separately, the U.S. Commerce Department said that total durable goods orders increased by 2.8% last month, above expectations for a gain of 1.7%, while core durable goods orders, excluding volatile transportation items, inched up 0.3% in January, disappointing forecasts for a 0.5% gain.

Data also showed that U.S. consumer prices declined 0.7% last month, compared to estimates for a decline of 0.6%, while core consumer prices, which exclude food and energy costs, increased by 0.2% in January, above expectations for a 0.1% increase.

The data came after Federal Reserve Chair Janet Yellen dampened demand for the greenback this week by saying that it was “unlikely” that economic conditions would warrant an interest rate hike for “at least the next couple of FOMC meetings”.



Technical bias for Major Pairs using cross of EMA’s 21 and 55, MACD, RSI and SSRC (stochastic).

USD/JPY = Bullish

USD/CAD = Bullish

USD/CHF = Bullish

EUR/USD = Bearish

GBP/USD = Bearish

AUD/USD = Bearish

NZD/USD = Bearish


Note: Investors will be taking a close look at the USD Prelim GDPq/q which is scheduled to be released later tomorrow.

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