Focus on the US Dollar’s Action

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USD rose Thursday as traders awaited US economic data that could set the tone at FOMC meetings later this month.

Investors have bet on the Buck’s falling as the world recovers from the virus chaos, but they have lately grown nervous over whether a surprisingly strong US economic rebound poses a threat to the assumption that interest rates will stay low for a “long time”.

That mood has kept speculators from adding to short positions in recently and has put the brakes on the Southside trend, which is still in effect, just paused.

Against EUR, USD traded 0.2% higher at 1.2187, and it inched higher Vs Antipodean currencies. It rose 0.2% to buy 109.78 JPY.

.DXY measures the Buck against a basket of 6 currencies, rose to 90.112. It has found strong support around the 89.946 mark after falling 2% in April and 1.6% in May.

GBP was 0.1% higher to USD at 1.4180 Thursday as investors fret a bit about whether a new virus variant spreading in Britain can delay plans for reopening the economy.

Cryptocurrencies rose, with Bitcoin last at 39,324 and Ether up 6% on the day at 2,879.

Have a healthy day, Keep the Faith!

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