Donald’s dollar effect is fading – USD resumes falls

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Donald Trump’s Treasury Secretary hit the dollar when it was falling and then the President said he wants a strong dollar, sending the greenback to a mighty recovery.

The high level of volatility continues and the even the strongest person on the planet cannot keep the dollar up. The Donald dollar effect is fading.

  • EUR/USD, that dipped under 1.24 on Trump’s comments, is back to 1.2465. There is still a lot of way to go up to 1.2537, the Draghi-inspired peak.
  • GBP/USD that dipped deep in the 1.41 handle, is back up to 1.4250. Also here, there is a long way to go. We will later get the UK GDP.
  • USD/CAD is dropping once again, also as oil prices move up. The pair is down to 1.2330. Canadian inflation numbers are next.
  • AUD/USD managed to withstand Trump quite well and is now at 0.8070. Resistance is at 0.8130.

Only USD/JPY is somewhat lagging behind and remains down on the day. It may be waiting for the US GDP release at 13:30 GMT.

More: EUR/USD: to 1.29 or a dip before the next move?

Here is how things look at the euro/dollar chart:

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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