Talking Points:
- The US Dollar’s bullish trend is coming into question after a rather aggressive reversal has shown from yesterday’s fresh yearly highs. At this stage, the move would be considered a pullback given that we remain above recently established support. But that could soon change, and next week’s calendar brings an ECB rate decision that could drive that change, along with a litany of corporate earnings reports from US-based companies.
- The driver for this pullback was a series of comments from President Donald Trump concerning FOMC[1] rate policy, despite the fact that rate policy is clearly controlled by the Fed and this was even acknowledged by President Trump in his responses yesterday when he said, “I’m letting them (the FOMC) do what they feel is best.” Nonetheless, markets have continued to push the Dollar-lower after the earlier week ramp, and this keeps USD[2] in-focus as we move towards next week.
- DailyFX Forecasts on a variety of currencies such as the US Dollar[3] or the Euro[4] are available from the DailyFX Trading Guides page[5]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[6]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[7].
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[8].
US Dollar Pulls Back Shortly After Setting Fresh Yearly Highs
The US Dollar is lower on the morning, continuing the pullback that started yesterday afternoon after a series of comments
