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Eurozone Consumer Price Index did not offer any surprises and the common currency struggles to stay in positive territory, following Wednesday’s rebound
Inflation in the UK jumped to its highest level since the 1990s, which works in favor of monetary tightening expectations, with the pound finding support
The pair advanced last week, but today it runs its third negative day, as aggressive rate hike bets for the Fed and higher US yields support the greenback
The central bank of Japan (BoJ) maintained policy settings and upgraded inflation forecasts, while higher US treasury yields support the pair
The cable comes from a four-week profitable streak, but on Friday it posted losses and today it is under more pressure
The left chart shows that FXCM's dollar basket, USDOLLAR, is positioned in the weak area on the daily time frame. I.e., between the lower blue and red bands. The hourly time frame has retraced to the 50% level of its previous impulse move down. Its stochastic has already turned negative and the EMAs are threatening to cross bearishly (aqua ellipses). If the stochastic continues down and hits the 20 level…
The pair draws towards the conclusion of a very good week, having conquered key technical levels
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The Aussie extends this week’s gains after two days of market moving events from the US, which worked against the greenback
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