Boris and Kathy Forex Weekly – 09-07-2018 – Commodity Dollars
July 8, 2018 10:41 pm
The U.S. dollar traded lower against all of the major currencies in the first few days of the third quarter. While it may be tempting to call this a peak, it is too early for all the bulls to retreat. The pullback in the dollar was modest with the best performing currency, the New Zealand dollar rising less than 1%. However all of the major currencies traded higher against the greenback with EUR/USD ending the week above 1.17. NZD/USD rose 4 out of the last 5 trading days and while AUD/USD also saw gains, its rally stopped at the top of its 3 week range. Most importantly, USD/JPY ended the week above 110 because even though Friday’s labor market report fell short of expectations, the data is strong enough for the Federal Reserve to proceed with raising interest rates.
The U.S. dollar traded lower against all of the major currencies in the first few days of the third quarter. While it may be tempting to call this a peak, it is too early for all the bulls to retreat. The pullback in the dollar was modest with the best performing currency, the New Zealand dollar rising less than 1%. However all of the major currencies traded higher against the greenback with EUR/USD ending the week above 1.17. NZD/USD rose 4 out of the last 5 trading days and while AUD/USD also saw gains, its rally stopped at the top of its 3 week range. Most importantly, USD/JPY ended the week above 110 because even though Friday’s labor market report fell short of expectations, the data is strong enough for the Federal Reserve to proceed with raising interest rates.
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