This morning, the US dollar index is pausing after extending it’s impressive bull run yesterday. US treasury yields approached 3% as earnings from tech giants continued to impress.
The dollar pairs are recovering, with small gains this morning following another day of losses. The GBP/USD made it five straight days of losses yesterday, while the NZD/USD is continuing to sell-off, falling for six straight days.
The EUR/USD is finding support at the 1.2200 level, underling its general relative strength over the last seven days. The EUR/GBP is unchanged this morning. European PMI data largely came out better than expected yesterday.
The AUD/USD is trading higher after three days of straight losses. CPI data largely came out as expected this morning.
The USD/JPY surged yesterday, with 109.00 the next challenge. Yen pairs are generally mixed, with gains for the EUR/JPY.
This morning, we have German Ifo business climate at 09.00.
At 09.30, we have UK public sector net borrowing.
US consumer confidence follows at 15.00.
This morning, the USD/JPY is on the rise, helped by the ever weakening yen and the resurgent US dollar.
The trend looks well worth following, with a HIGHER trade a good way to play this.