- US Dollar[1] bears have come back with gusto as the Greenback has made a push down to March support. Tomorrow brings March CPI numbers out of the United States and later in the day, we get meeting minutes from the Federal Reserve’s rate hike. Multiple drivers remain on the calendar around the US Dollar for this week, so we likely have not seen the end of USD-volatility.
- This Dollar drop has brought along bullish moves in both EUR/USD and GBP/USD[2]; but noticeably missing from that Dollar-weakness was USD/JPY[3], which has found support at an area of prior resistance, keeping the door open for topside in the pair. For Yen-short plays away from USD[4], we looked into the long side of GBP/JPY yesterday[5].
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Dollar Drops Extends to March Support
Yesterday we looked at the return of bearish price action in the Greenback[9] as we opened up a fresh week, and today we look at continuation of that move as the US Dollar has now fallen by more than one-percent from the Friday highs[10]. While one-percent may not sound like much, particularly for those coming from other asset classes – this is a one percent move over a
