Bearish after 2h double top neckline and 2h Bu oB Breakout
Strong USD Fundamentals
***San Francisco Fed Bank President Mary Daly said in an interview with Reuters that two more rate hikes this year is a "very reasonable" projection
***Carol Kong, a currency strategist at Commonwealth Bank of Australia, said the global economy would likely continue to deteriorate amid the aggressive monetary tightening in major economies. That "will underpin the safe haven U.S. dollar," she said
***The U.S. dollar rose to a 15-month high against the rouble on Monday after dramatic weekend events in Russia, which saw an aborted mutiny by heavily armed mercenaries."The armed uprising in Russia ... despite being aborted, lay bare risks of Russian instability from within," said Vishnu Varathan, head of economics and strategy at Mizuho Bank.
Weak GBP Fundamentals
*Sterling rose 0.2% to $1.2740, reversing some of its 0.8% fall last Week after an outsized 50-basis-point rate increase from the Bank of England stoked fears of a British RECESSION
*Flash Purchasing Managers' Index (PMI) data on Friday showed Britain's economy displayed signs of a slowdown this month but inflation pressures stayed high WEAK
***San Francisco Fed Bank President Mary Daly said in an interview with Reuters that two more rate hikes this year is a "very reasonable" projection
***Carol Kong, a currency strategist at Commonwealth Bank of Australia, said the global economy would likely continue to deteriorate amid the aggressive monetary tightening in major economies. That "will underpin the safe haven U.S. dollar," she said
***The U.S. dollar rose to a 15-month high against the rouble on Monday after dramatic weekend events in Russia, which saw an aborted mutiny by heavily armed mercenaries."The armed uprising in Russia ... despite being aborted, lay bare risks of Russian instability from within," said Vishnu Varathan, head of economics and strategy at Mizuho Bank.
Weak GBP Fundamentals
*Sterling rose 0.2% to $1.2740, reversing some of its 0.8% fall last Week after an outsized 50-basis-point rate increase from the Bank of England stoked fears of a British RECESSION
*Flash Purchasing Managers' Index (PMI) data on Friday showed Britain's economy displayed signs of a slowdown this month but inflation pressures stayed high WEAK
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