US greenback extends good points
The greenback hasn’t made up all of yesterday’s losses however it’s having a stable day. It slumped early and fell additional when Lagarde went straightforward on FX however there’s been an enormous intraday turnaround as sentiment has soured.
The overarching theme right here is that yesterday and right this moment are mirror photographs within the inventory market but the greenback fell yesterday and hasn’t been capable of make up that floor. Perhaps that is the Lagarde impact however it makes it powerful to fall in love with the greenback even with heavy short-USD bets in play.
I will be far more constructive if the DXY can break yesterday’s excessive. In that case, we can be on the best way again to 94.00 and even perhaps 96.00 if/when it turns into clear that extra US stimulus is a lifeless finish.
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