The dollar was able to climb back from losses seen after a string of weaker than expected data prints this morning. However the greenback is expected to remain on the defensive with traders continuing to eye the week’s economic docket
NEW YORK: The US dollar fell against the euro on Tuesday on hopes that Greece could receive a new bailout, but rose against the yen after ratings agency Moody’s said it might lower Japan’s debt rating.
For this presentation I take a look at Cable and build on our analysis from last week.
The Shorter the Time Frame Being Traded, the Greater the Influence Market Noise Will Have on the Chart.
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The CAD/JPY pair continues to bottleneck into a descending wedge formation that presents a unique scalping opportunity for intra-day traders.
Economic activity in Australia is expected to contract 1.1% in the first-quarter following the slew of natural disasters from earlier this year, and a dismal GDP report is likely to weigh on the exchange rate as the central bank maintains a cautious outlook for the region.
The correlation between the Dow Jones FXCM Dollar Index and the Dow Jones Industrial Average trades near record strength, underlining the USD’s sensitivity to broader financial market moves. The Dollar Index represents a strong proxy for trading the Dow and also crude oil and gold prices.
The Bank of Canada held its key interest rate on hold at 1.00 percent, noting that any further rate increases would fall in line with keeping prices pressures “consistent” at the “2 percent inflation target.” Nonetheless, Governor Mark Carney noted that some stimulus could be “eventually withdrawn,” sending the Loonie higher against all the other major currencies following the release.
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