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USD with an increase today, but remains in range

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The US dollar at this stage reports an increase against the basket of major currencies, but still remains in the range between 96 and 98. The heraldic effect of the 96 test failed and the long-awaited dollar collapse did not happen. We are currently seeing market players positioning ahead of news later today. USD / JPY is already over 108. If at this point buyers keep the price above the breakthrough, short term things will become more bullish for the USD / JPY and the US dollar. However, a strong price action is forthcoming.

At present, the risk sentiment remains relatively depressed, with bonds rising. US futures at this stage also remain unchanged. The US dollar also progressed against the euro, with EUR / USD reaching levels around 1.1266. Earlier, worse-than-expected German data on factory orders weighed over the single currency.

Graphs: Used with permission of Bloomberg Finance L.P.


 Trader Martin Nikolov

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