Boris and Kathy Forex Weekly – 22-10-2018 – Majors
October 21, 2018 9:47 pm
The sell-off in global equities this month failed to change the course for currencies. At first investors looked at the meltdown in stocks as a U.S. dollar story but we felt the dollar would remain attractive because rising U.S. rates is good for the greenback. As we anticipated, the dollar resumed its rise and this past week’s rally took the Canadian dollar to its lowest level in more than a month and the Swiss Franc to its weakest since mid August. Other currencies such as the euro and Australian dollar declined but failed to reach any milestones outside of sterling, which fell to a one week low.
The sell-off in global equities this month failed to change the course for currencies. At first investors looked at the meltdown in stocks as a U.S. dollar story but we felt the dollar would remain attractive because rising U.S. rates is good for the greenback. As we anticipated, the dollar resumed its rise and this past week’s rally took the Canadian dollar to its lowest level in more than a month and the Swiss Franc to its weakest since mid August. Other currencies such as the euro and Australian dollar declined but failed to reach any milestones outside of sterling, which fell to a one week low.
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