USD Bounce from Major Support Ahead of the Fed
I had shared a long-term USD chart a couple of weeks ago and this is a shorter-term update to that.
This week brought a couple of big items with the highlight of Thursday's inflation data. Inflation came in at 5% and markets seemed to quickly brush this off. The USD went right back down to the 90 handle and stock prices pushed back up towards highs. The S&P even set a fresh all-time-high, on the same day that we got a 5% inflation print.
But some positioning appears to be happening now as the USD is rushing up to a fresh near-term-high. I think much of this is position squaring at this point but there could be some legitimate reversal drives out there in the event that the Fed 'Talks about talking about taper.'
This week brought a couple of big items with the highlight of Thursday's inflation data. Inflation came in at 5% and markets seemed to quickly brush this off. The USD went right back down to the 90 handle and stock prices pushed back up towards highs. The S&P even set a fresh all-time-high, on the same day that we got a 5% inflation print.
But some positioning appears to be happening now as the USD is rushing up to a fresh near-term-high. I think much of this is position squaring at this point but there could be some legitimate reversal drives out there in the event that the Fed 'Talks about talking about taper.'
Comment:
USD fresh monthly highs after fomc