The USD Jumps as Stocks Get Crushed
The USD was a strong performer on a day that the volatility started to hit back hard.
The USD was a strong performer on a day that the volatility started to hit back hard.
The bounce we’ve seen appears to be wavering in equities as the tech stocks are again the ones causing the headaches. The FAANG stocks got hit hard with Apple having a rough day on some downgrades surrounding earnings.
Crude oil also fell, as it was the target of a Donald Trump tweet suggesting OPEC shouldn’t cut supply.
Overall the calendar was a little on the quiet side, with not all that much making news on a macro level. It was just a day that the market forces decided to get stuck in and generally it was US equities that bore the brunt.
The USD Outlook
The DXY is trading above the resistance level turned support at 97.00.
The next major level is 97.80, that falls just above where we closed. That isn’t a huge level and the upside buying could certainly continue through that point.
However, we really haven’t been able to get much by way of momentum so far and each push higher keeps getting met with selling.
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