With the #USD #DXY Asian retreat have proven our expectation of a similar pullback on profit taking and near closing position adjustment. The best performing two weeks rally on the USD have also priced in the Fed's move to raise rates and the positive data surrounding the US economy were dominant factors to its increase demand as oil and gold have declines from their highs from the previous weeks that led to its support.
The firm tone of the #USD will still close the month of November in a very positive tone after 13 years in triple digits currently working in Asia @100.80 basis point to this writing. Meanwhile, the rest of the USD counterparts have equally gained some relief which is due to the slight corrective move. With the #USDJPY @111.45, #EURUSD @1.0658, #GBPUSD @1.2519 #AUDUSD @0.7470 respectively. Whereas the price recovery from a beaten down currency pairs have found some relief rally from a pullback price action of the USD.
The same market scenario would be expected with global stocks particularly in the US and European markets. Although, this would be carried over for the rest of the month and opening of the year's trading as pre-dominant market investors, and participants remain positive.
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Our USD - DXY price call @102.20 was slightly off-mark which the DXY registered a high @102.05 at the end of the Thanksgiving weekend. Which maybe considered the month's high with a month's low @95.89; well above our 95.05 /50 support levels respectively.
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Will remain vigilant for the week's report on Friday's Jobs numbers again. Meanwhile, the tone for the USD remains positive with higher US yields and a broader inflation perspective may keep it in mild price movement unlike what we have seen during its acceleration period the past week.
ReplyDeleteRelief recovery remained short-lived as the USD, Equities renewed strength above 19200 which comes on the heels of OPEC's agreement to cut oil production that provided a good rally for Oil prices currently @48.60/bbl while the DXY is back on the saddle @101.48 levels to this writing.
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