At this point, the market is likely to consolidate and look to next week's trade balance and retail sales data to determine the direction of the pair for the near term.
More Quotes from Kathy Lien:
Dollar bulls have full control and are taking the data in stride.Kathy Lien
Despite the weak GDP report, fed funds expectations for a March rate hike actually ticked higher to about 76 percent because of the rise in the core PCE price index.
Kathy Lien
We had an extremely bad current account deficit number this morning. Trade is going to be a very big focus this week. The huge number that we had for the fourth-quarter deficit brings it even more to the forefront because now we got clear structural deficiencies.
Kathy Lien
Going into the Jan. 31 FOMC (Federal Open Market Committee) meeting, a lot of people believe that with oil prices picking up, the Fed may be more neutral in their comments.
Kathy Lien
Trade data is a little better ... but I think the dollar rally should be limited as the prospects for the trade deficit still aren't very good.
Kathy Lien
The focus will be back on trade.
Kathy Lien
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