Greenback finds support and is poised for recovery
Friday’s reversal in fortune for the USD saw it bounce off some key levels, which could potentially imply that a broader recovery is under way. Technically the Dollar held key long term support levels in the USD index and resistance in EUR/USD and with market positioning so extreme the USD recovery could accelerate in sessions ahead. Obviously, the Trump administration could well be the fly in the ointment, however there seems to be renewed impetus on the tax agenda with particular focus on the offshore profits repatriation tax, which should if successful prove pretty Dollar supportive in the short term. On Friday we see the latest US CPI release, the lack of inflationary pressures has caused market scepticism regarding policy tightening by the Federal Reserve so this number will be fairly closely scrutinised and could cause some volatility in the USD.
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