Talking Points:
- The US Dollar has held the support zone that we looked at yesterday, and prices are posing a bounce towards the 90.00 level on DXY[1]. This move of USD-strength has helped EUR/USD[2] to push closer to prior swing support at 1.2300, and this move hastened after the release of ECB meeting minutes from the bank’s March rate decision. Matters are not yet over for the Euro[3], as ECB-hawk and Bundesbank President, Jens Weidmann is set to give a speech at Noon ET today regarding the single currency’s strength. - Yen weakness continues to show in a variety of fashions, with even USD/JPY[4] staging a move of strength this week while the US Dollar sold-off against most other major currencies. This is opening the door to the prospect of a return of a longer-term, bigger picture theme, and below, we look at the possibility of working with Yen-weakness in both EUR/JPY[5] and GBP/JPY[6]. - Are you looking to improve your trading approach? Check out Traits of Successful Traders[7]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[8]. Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[9]. Dollar Holds at Support Zone, Bounces Up to Resistance Weakness has come back into the US Dollar over the past week, as Friday’s disappointing NFP report helped to push the Greenback lower in a move that eventually tallied one-percent. Yesterday, we looked at the currency finding some
