Trading Video: Dollar Rallies but Yet to Win EURUSD, AUDUSD Breaks
- A dollar rally Monday helped leverage a USDJPY breakout above 102
- For the greenback, key technical levels on EURUSD, GBPUSD and AUDUSD remain
- Risk trends meanwhile have not generated enough heat to uniformly drive the yen pairs higher
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The week has opened to a risk and dollar run - yet neither is particular convincing to an increasingly dubious speculative rank. USDJPY was one of the stand outs on the day with a drive above 102. As a benchmark for the dollar, other majors - EURUSD, GBPUSD, AUDUSD - were hesistant to forge their own progress. From a risk perspective, a surge from the Nikkei 225 and record high for the S&P 500 doesn't seem to be engendering the same excitment and commitmen tform the rest of the yen crosses. When fundamental ripples intercept, the market response is amplified; but volatility without a consistent drive often exposes the market to further bouts of volatility. We look at the pick up in activity that started our week and the heavy event risk ahead in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.