The US dollar is making its way back up, with significant rises across the board. This seems like a comeback after the greenback lost ground yesterday on weak consumer confidence and some sort of pricing in of the Fed hike. Well, a hike is still a hike and this is different from many other central banks. The trend is still bullish USD.
EUR/USD is 60 pips down from the highs, hitting support at 1.0630. Update: it is falling below this level. The next support line is 1.0590, with 1.0530 following next.
There doesn’t seem to be a specific reason, but USD/JPY is also gaining ground with smaller gains for the dollar against other currencies. Update: more currencies are suffering against the USD, but the euro is struggling more than others. More details about the euro are coming in a separate article.
More: EUR/USD On Course To Break 1.0490 – Morgan Stanley