Has the US Dollar Peaked?
- 25 June 2018
For the past 2 months, the US dollar has been on a tear. However, despite hitting multi-month highs against sterling, the Australian, New Zealand and Canadian dollars, at the end of last week, the cracks began to show.
The greenback pulled back against all of the major currencies except for the loonie. The move had little to do with US data. Instead few positive developments abroad triggered profit-taking on long US dollar positions. Although their recoveries were muted by the beginning of the week losses the best performing currencies last week were the Swiss Franc and the Japanese Yen. The worst performers were the Canadian and New Zealand dollars. Looking ahead with no major US economic reports to support the greenback, it is vulnerable to a deeper correction that could make pairs like GBP/USD and AUD/USD attractive buys and USD/CHF and USD/JPY attractive sells for the week ahead.
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