FUNDAMENTAL WEEK

 Good morning traders, it has been an eventful week in the financial markets with most Central Banks releasing their interest rate policies from the Federal Reserve to the Bank of England and the most recent being the Non-farm Payroll that was released yesterday. The Federal Open Market Committee (FOMC) maintained their interest rates at 5.50%. This caused a bearish reaction on the dollar caused a drop on all pairs USDXXX eg USDCAD, USDCHF, USDJPY and caused a bullish reaction on all pairs XXXUSD eg EURUSD, GBPUSD, NZDUSD. However it's important to note that there has been dollar strength since the start of the year with dollar index (DXY) rallying back to 103.000 levels. The U.S Bureau of Labor Statistics reported that the total nonfarm payroll employment rose by 353,000 in January and the unemployment rate remained at 3.7%. This caused a sharp rally in the dollar index (DXY) with market closing the trading week yesterday at 103.560. This caused a sharp decline in all pairs that are XXXUSD eg EURUSD, GBPUSD, XAUUSD, NZDUSD and caused a sharp rally in all pairs that are USDXXX eg USDCAD, USDCHF and USDJPY. I anticipate a continuation of the dollar strength back to 104.000 levels.