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Talking Points:

- The US Dollar pullback has continued into a second day after USD[1] found resistance at the 94-handle shortly after this week’s open. This week’s economic calendar is light on USD-items, and this produces a backdrop where the Dollar can cut in either direction. We look at both sides of the argument below, plotting approaches and investigating potential setups in EUR/USD[2], GBP/USD[3], USD/JPY[4] and NZD/USD[5].

- Tomorrow brings UK inflation numbers for the month of April, and this has become a big push-point for the British Pound. Expect volatility to continue in Sterling, as Friday brings another piece of important data with the release of Q1 GDP numbers out of the UK.

- DailyFX Forecasts have been updated for Q2, and are available from the DailyFX Trading Guides page[6]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[7]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[8].

Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[9].

US Dollar Pullback Produces Setups on Both Sides of USD

The US Dollar is continuing to pull back[10] after having run-in to resistance at the 94-handle on DXY[11] yesterday morning. After a quick test of support around the week-open gap, sellers came back to punch prices down to the ‘s2’ zone of support that we were looking at. This comes in at an interesting level, as 93.35

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The Logo Story

currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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