Today’s New York session saw USD shorts licking their wounds after overnight buying in Asia and London sent the USD firmly higher. However, sellers were waiting in the shadows and gave some footing around 1.4140-50 level in EUR/USD, keeping the pair in a tight trading range. The USD also topped out today against the JPY around 116.00 as this level has provided good selling resistance.
Is this USD rally for real? It’s hard to say as it looks like there are definitely some traders taking profit on short USD positions ahead of all the economic data due out this week. Tonight the RBA (Reserve Bank of Australia) will announce their rate decision and later this week the BoE (Bank of England) and the ECB (European Central Bank) will announce their respective interest rate policies. All of these central banks are widely expected to remain on hold and keep interest rates at current levels. Lastly, on Friday the US Non Farm Employment report is set to be released.
.....Read More....
No comments:
Post a Comment