Talking Points:
- The US Dollar has started off the week by testing support from last week in a zone that runs from 93.63-93.75 on DXY[1], and this has helped to provide a bump to most major currency pairs. Those bumps are rather uneven though, and we’re seeing fresh highs in pairs like AUD/USD[2] and NZD/USD[3] while pairs like EUR/USD[4] and GBP/USD[5] move-up to test lower-high resistance.
- This week’s economic calendar is rather light, with the highlight being tonight’s RBA rate decision. More pressing, however, will likely be themes that aren’t on the economic calendar, and these have been key drivers in the past few weeks. The topics of tariffs or trade wars remains as a key item for global markets, along with European political volatility.
- DailyFX Forecasts on a variety of currencies such as the US Dollar[6] or the Euro[7] are available from the DailyFX Trading Guides page[8]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[9]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[10].
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[11].
US Dollar Drops Back to Support
The US Dollar has started the week by posing a revisit to support in what’s been a fairly active open thus far. On Friday, we got Non-Farm Payrolls numbers for the month of May out of the US[12]
