US Dollar, EUR/USD, USD/JPY, USD/CAD Talking Points:
- It has been a strong start to Q3 for the US Dollar after a rough outing in June. The US Dollar has moved back-up to an area of prior support/resistance around the 97.35 level on DXY[1]. The big item on the economic calendar[2] for this week is FOMC[3] Chair Jerome Powell’s Humphrey Hawkins testimony in front of Congress, set to take place on Wednesday and Thursday.
- This re-emergence of USD-strength has been unevenly distributed, showing visibly against the Euro[4] but a bit less so against the Japanese Yen[5]. In USD/CAD[6], the pair has been almost immune to that run of USD-strength as CAD[7] has been even stronger. This can help demarcate strategy around the Greenback for this week.
- DailyFX Forecasts are published on a variety of markets such as Gold[8], the US Dollar[9] or the Euro[10] and are available from the DailyFX Trading Guides page[11]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[12]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[13].
US Dollar Claws Back June Losses in Early Q3 Reversal
The US Dollar has gapped-higher to start this week’s trade, continuing a topside ramp from last week as the month of July has started in a much friendlier manner to USD bulls than the way that June had ended
