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Dean's Daily FX Update – 19 July 2017
In the Zone
- EURUSD
- NZDUSD
- USDJPY
Noteworthy News
- The US are in desperate need of some leadership at present, instead President Trump is sitting on his twitter account abusing anyone that doesn’t agree with him. If they don’t pull out all the stop now, it can be assured that the Democrats will control the Senate soon.
Recap
The market was eagerly waiting on what would happen in both the London and New York session, and as the silence in Washington continued to weigh on the dollar as we saw clear waves of selling as the different financial centres got to their desks. It was not until late last night that we saw the dollar bounce, I am sure it was probably some profit taking – the Asian session did follow but it did not look convincing.
Just as the case over the weekend, the pairs all reached fresh multi month highs and the EUR, AUD, CAD and NZD are all trading at yearly highs and forming double tops and bottoms. The GBPUSD was in the same boat but weak inflation data was the catalyst for the pair to give up everything.
There was another example of a very confused central bank yesterday in the form of the RBA in Australia, last week the message was clearly dovish as the Governor reiterated that interest rates in Australia would be subdued for a longer period. The minutes however showed a clear hawkish tone which makes you wonder if the RBA are competent, regardless though the pair jumped by almost 150 pips. I would not be surprised if they did another roundabout next week though.
Both the report and video are shorter this morning, it is tempting to get involved in almost any pair at the moment as technically speaking they all seem overly stretched. The problem is that this market is clearly conducive to fundamental trading. I have covered the pairs of interest in the video, we are working on new look research product for you so be on the look-out for next week.
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