The USD is on course for a fifth consecutive session of losses, as the DXY breaches 92.50 to the downside to fall to the lowest since mid-2018 (low print today of 92.124); equities have been flirting with ATH, and the incoming economic data might be showing a slowdown in momentum, signalling the need for a lower-for-longer view on US rates. That USD downside, as well as higher equities and commodities, has freed up the EUR, which topped 1.19 and some key technical levels above that figure to trade at the highest in over two years; today’s high print was 1.1965. GBP was also given a boost by the weaker USD, pushing the currency above key technical regions that have marked the top end of the recent range, remaining close to highs at 1.3240, and other activity currencies like the AUD, NZD and SEK were higher; note, the Aussie which overnight ignored the heavily discounted RBA minutes, couldn’t hold on at the best levels in 18-months, which some traders say shows that the rally is fragile.
What a day!
Let's bank some profits...
What a day!
Let's bank some profits...