This past week we have seen a surge of the USDollar bulls as the USDollar Index surges to its highest level since March 2016. The EURUSD is struggling for the past few days to break through strong support at 1.095 as the GBPUSD returned to 1.3056 but has shown some resilience as it attempts to close the day on the upside. No doubt we will see the GBPUSD re-test the low again as any seeming recovery does not have any substantial legs to stand on.
The main blip on the radar ahead is Wednesday’s FOMC release and although the Fed is not expected to raise interest rates yet, it doesn’t mean that the possibility is out of the question for September. The market is now holding its breath for any clues in tomorrow’s Fed release and other high risk data releases expected this week.
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