Boris and Kathy Forex Weekly – 25-06-2018 – Majors
June 24, 2018 11:26 pm
For the past 2 months, the U.S. dollar has been on a tear but towards the end of last week, after hitting multi-month highs against sterling, the Australian, New Zealand and Canadian dollars, the cracks in its armor began to show. The greenback pulled back against all of the major currencies except for the loonie. The move had little to do with U.S. data. Instead few positive developments abroad triggered profit taking on long U.S. dollar positions. Although their recoveries were muted by beginning of the week losses the best performing currencies last week were the Swiss Franc and the Japanese Yen. The worst performers were the Canadian and New Zealand dollars. Looking ahead with no major U.S. economic reports to support the greenback, it is vulnerable to a deeper correction that could make pairs like GBP/USD and AUD/USD attractive buys and USD/CHF and USD/JPY attractive sells for the week ahead.
For the past 2 months, the U.S. dollar has been on a tear but towards the end of last week, after hitting multi-month highs against sterling, the Australian, New Zealand and Canadian dollars, the cracks in its armor began to show. The greenback pulled back against all of the major currencies except for the loonie. The move had little to do with U.S. data. Instead few positive developments abroad triggered profit taking on long U.S. dollar positions. Although their recoveries were muted by beginning of the week losses the best performing currencies last week were the Swiss Franc and the Japanese Yen. The worst performers were the Canadian and New Zealand dollars. Looking ahead with no major U.S. economic reports to support the greenback, it is vulnerable to a deeper correction that could make pairs like GBP/USD and AUD/USD attractive buys and USD/CHF and USD/JPY attractive sells for the week ahead.
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