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Dollar Soft as Traders Eye Fed18 March 2019 by Dave Evans

Morning Report: 07.00 London

The US dollar index is on the back foot as traders eye a softer FOMC meeting on Wednesday.

The dollar pairs are on the rise, helped by positive unilateral trade talks between China and European nations. The AUD/USD is on the rise, having broken through the 0.7100 level this morning. The EUR/USD is on the rise and set to challenge the 1.1350 level for the first time since the start of the month.

The GBP/USD is struggling though and failing at the 1.3300 level as Brexit fears raise again. The EUR/GBP is on the rise as the pound struggles against the euro. The GBP/JPY gapped higher at the open, but is slipping back towards the 148.00 level.

The USD/CAD is slipping lower again as after two days of gains last weeks. The 1.3300 is the next target again. The USD/CHF continues to slide from the 1.0100 level, with 1.0000 the next target.

The USD/JPY has gapped higher slightly at the open. The AUD/JPY is performing well, breaking through the 79.00 level. The EUR/JPY is also on the rise, overcoming yesterday’s losses.

Coming up today

We have no middle or upper tier items today.

Trade Idea

The EUR/JPY has recovered well from the early March lows, as fears of a European slowdown abate. Further upside is on the cards as the yen continues to back off.

Dollar Soft as Traders Eye Fed

A good way to play this is a HIGHER trade predicting that the EUR/JPY will close above 127.00 in 14 days for a potential return of 131%.

Dollar Soft as Traders Eye Fed