A Fundamental Push for Key EURUSD, GBPUSD and USDJPY Levels?
A surge from the Dollar to close this past week has put many of the 'majors' on the verge a reviving a long-term trend.
There is little doubt in the market consensus that the Fed will be the first major central bank to hike rates, and that will maintain a long-term bid for the Dollar.
Two major drivers of recent Euro strength - rising bond yields and weaker US economic data - abruptly turned around in concert this week.
The near-term breakout in USD/JPY raises the risk for a run at the 2015 high (122.01).
The Australian Dollar may resume its recovery after a brief interlude amid jitters preceding key US economic news-flow last week.
Gold prices are softer going into the final full week of May, with the precious metal off by more than 1.5% to trade at 1203 ahead of the New York close on Friday.
Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!
Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.