USDOLLAR directional bias has been sideways for this week
The USDOLLAR has continued to move inside its neutral channel this week.
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The USDOLLAR has continued to move inside its neutral channel this week.
The pair remains suppressed, following yesterday’s drop to new month lows, as the BoC restarted its hiking cycle with a 0.25% rate increase that surprised markets
According to a Bloomberg report, state-owned banks in Turkey have ceased their efforts to support the lira through expensive dollar sales. This change in approach could indicate the new finance minister's commitment to implementing a more "rational economic policy." The report also highlighted that the country's state banks refrain from providing comments on their interventions in the market.
The pair jumped on Tuesday after the Australian central bank surprised again with another rate hike and remains supported today, despite the slower Q1 GDP growth
FXCM’s USDOLLAR basket has charted a higher trough (HT) but is yet to chart a higher peak. This leaves the greenback in limbo as we need more price action to assess whether it is trending or consolidating. A higher peak would validate the higher trough, HT, and put the basket into uptrend. A lower peak will suggest a consolidation sideways in a symmetrical triangle formation.
FXCM’s USDOLLAR index dropped yesterday from its bullish channel, between the upper blue and red bands, into its neutral area, between the blue bands. This was a movement of relative weakness. Technically, a decline in the USDOLLAR on the daily chart effectively normalised an overbought RSI.
The US Senate approved the debt limit bill, while Fed rate hike bets ebb, in unfavorable combination for the USDollar ahead of today’s critical jobs report
GBPUSD has been range-bound but may be readying itself to test the upper boundary.
The pair finds support at the start of the week, despite Friday’s hot US PCE inflation, hawkish Fed repricing and debt ceiling agreement that still need Congress approval
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