Dollar Data Dependant
The USD sell off as traders set a chain of profit taking after 2 weeks rally due to various factors:
- Greece uncertainty of exiting the EZ make holding USD worthwhile
- US Economic data has been promising with CPI much higher
- Hawkish comment from Yellen
- That view is changing with 5th of June looming for a potential deal and no Grexit
A lower USD potentially because:
- Euro rally with Bund unable to find support and Grexit averted
- Unwinding of USD/JPY longs
- Commodities currencies caught bids
- A worse than expected US economic data
A higher USD potentially because:
- Grexit so USD safe haven currency
- Better than expected US economic data that imply a September rate hike
- Hawkish comment from Fed members
Technically:
- Heavy band of resistance between 96.63 and 97.73
- Heavily biased for more downside with a possible AB - CD playing out
- Greece uncertainty of exiting the EZ make holding USD worthwhile
- US Economic data has been promising with CPI much higher
- Hawkish comment from Yellen
- That view is changing with 5th of June looming for a potential deal and no Grexit
A lower USD potentially because:
- Euro rally with Bund unable to find support and Grexit averted
- Unwinding of USD/JPY longs
- Commodities currencies caught bids
- A worse than expected US economic data
A higher USD potentially because:
- Grexit so USD safe haven currency
- Better than expected US economic data that imply a September rate hike
- Hawkish comment from Fed members
Technically:
- Heavy band of resistance between 96.63 and 97.73
- Heavily biased for more downside with a possible AB - CD playing out
Aviso legal
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