- 04 Jan '23 at 6:42 am #50687MoneyNeverSleepsParticipant
US Dollar pulls back after hot start to the new year
The flows did the talking yesterday and now we’re seeing markets settle down and run things back the other way.
The greenback fall across the board now. USD/JPY is down 0.6% to 130.20 and looking towards testing the 130.00 mark once again as we look towards European trading.
EUR/USD is up 0.4% to 1.0590 and GBP/USD is up 0.5% to push back above the 1.2000 level. The latter is also taking aim back at the 200-day moving average, seen at 1.2027, after holding a defense of the 23.6 Fib retracement level of the swing higher since September last year.
The antipodeans are also solid gainers on the day with AUD/USD up over 1.5% to 0.6840 and threatening its 200-day moving average (blue line) as well as key trendline resistance (white line):
The dollar drop comes as we see another fall in bond yields, with 10-year Treasury yields being down another 3.4 bps on the day to 3.705%.
In turn, that is pushing gold to fresh highs since June last year with the yellow metal up 0.9% to $1,857 at the moment.07 Jan '23 at 4:07 pm #50378KnovaWaveParticipant
The week can be summed up in forex by the ebbs and flows of Fridays market after the US December jobs report. There is a thought that the deluge of ce
[See the full post at: Forex Traders Weekly Outlook – US Dollar Topples with Yields After Soft US Data]
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