Trading Video: Dollar Breaks Bear Trend, Euro and Pound Hit By Data
• FOMC minutes ahead kicks off a round of important US data - but will it determine trend?
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The prominent trends of the past month were cast in doubt this past session. Bullish moves by both the Euro and Pound were undermined by disappointing turns from the economic docket. For the Euro, remarks from an ECB member refreshed the implications of the central bank's massive stimulus program - and further insinuated that the effort can prove heavier in the near term. On the UK docket, consumer inflation reads turned negative and tempered rate expectations. The question for both is whether these are strong enough pushes to turn off recent market drives and revive bigger trends over the past year. The same is true for the USDollar - though the bearings are reversed. There a 'clean' indicator or news item that spurred the Greenback, but a break of its month-long bear trend was resounding nonetheless. Ahead, there is important event risk that may carry or reverse these tentative trends. We discuss these moves and market sentiment 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.