DXY Sells off As the Euro and Sterling Rally
The DXY saw the retracement we have been discussing today, owing to a massive rally in the Sterling and Euro after the BoE bought UK bonds. This is likely to be temporary, as persistent hawkish Fed rhetoric is likely to keep interest rates high in the US, boosting the dollar further. We are currently seeing support in the 112.70's just a bit below where we anticipated support at 113 or so. If things continue to go south, we could retrace all the way back to 111.37, otherwise we will likely make a run for highs again.
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