Looking For Opportunistic Sell Of The USD: How To Trade It?
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
In G10 FX, the AUD has failed to hold onto gains following the strong consumer confidence data. Meanwhile the NZD was the biggest mover during Asia hours. RBNZ Governor Wheeler was speaking and has been interpreted as sounding less inclined to cut rates due macro prudential concerns. The data calendar remains quiet in the US over the days ahead, with April retail sales data on Friday the next important release.
On Tuesday US yields ticked higher and second tier data showed signs of firming, but we remain inclined to sell the USD vs. the EUR and JPY given our expectations for the lack of a catalyst to drive a rebuilding of Fed rate hike expectations.
However, given how far Fed expectations have now been marked down and the extent of short positioning in the USD we favour opportunistic sell of the USD on rallies.
source