US Dollar Outlook amid a bearish tone
Hello traders! Hope y'all had a great trading week.
Let's get to business.
The greenback has had a series of unfortunate events recently, the bearish tone has been set. Net long positions fell to $4.50 billion in the week ended June 27 from $7.82 billion the previous week, making it the lowest since the first week of July, 2016 (the lowest in 1 year). Also, we've had the worst performing quarter in 7 years, news outlets say.
The U.S. has seen a series of worse than expected economic data, compounded by a more hawkish tone from foreign central banks, pressuring the dollar to fall approximately 0.02% last week.
Dollar bulls are looking to labor market data and central bankers' remarks following the Fed's reports and minutes, for the four trading days we have this week (happy 4th of July!), for a ray of sunshine.
P.S: Make sure to go see the fire works on the fourth and have a blast!
Happy trading!!!
Let's get to business.
The greenback has had a series of unfortunate events recently, the bearish tone has been set. Net long positions fell to $4.50 billion in the week ended June 27 from $7.82 billion the previous week, making it the lowest since the first week of July, 2016 (the lowest in 1 year). Also, we've had the worst performing quarter in 7 years, news outlets say.
The U.S. has seen a series of worse than expected economic data, compounded by a more hawkish tone from foreign central banks, pressuring the dollar to fall approximately 0.02% last week.
Dollar bulls are looking to labor market data and central bankers' remarks following the Fed's reports and minutes, for the four trading days we have this week (happy 4th of July!), for a ray of sunshine.
P.S: Make sure to go see the fire works on the fourth and have a blast!
Happy trading!!!
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