After examining the Weekly chart for the DXY, it appears to me that the dollar flow is likely to continue downward for some time. Today's Advance GDP q/q reading is expected to be 2.0%, following the disappointing last reading of 2.6%. Additionally, the US Unemployment Claims are anticipated to be higher, at around 247K.
In my recent blog posts, I discuss the current tax drain in the US, which is an annual occurrence that typically results in assets such as the S&P decreasing in value. However, this year is different as we have reached the debt ceiling, and there is a possibility that things could become precarious if the spending limits are not raised. While there is certainly uncertainty in the US political process, some financial media outlets and fintwit users are discussing the possibility of recessions and de-dollarization. While I agree that there is a flight from the greenback, this trend could easily reverse if a political resolution is reached.
For each of the yen crosses that I have been following I'll wait to see where they are at when we get the news. I am not looking for trades before then.
Here are the levels I expect us to touch at some point in the near future.
USDJPY
GBPJPY
EURJPY
In my recent blog posts, I discuss the current tax drain in the US, which is an annual occurrence that typically results in assets such as the S&P decreasing in value. However, this year is different as we have reached the debt ceiling, and there is a possibility that things could become precarious if the spending limits are not raised. While there is certainly uncertainty in the US political process, some financial media outlets and fintwit users are discussing the possibility of recessions and de-dollarization. While I agree that there is a flight from the greenback, this trend could easily reverse if a political resolution is reached.
For each of the yen crosses that I have been following I'll wait to see where they are at when we get the news. I am not looking for trades before then.
Here are the levels I expect us to touch at some point in the near future.
USDJPY
GBPJPY
EURJPY
