What’s Happening with the Market This Morning?
Skerdian Meta • 1 min read
Last night when the forex market opened for the Tokyo trading session, the Buck found itself a bit on the defensive. Most major forex pairs opened with a considerable gap higher or lower in favour of the other half of the coin.
The USD continued to slide overnight for most of the Asian trading session and I guess Trump´s actions/decisions/comments over the weekend were the reason for the latest slide.
The USD traders are not really liking what they´re hearing from the new president right now. Yes, there are a few decisions taken by Trump which theoretically might be beneficial for the US economy and the Buck in the long term, such as the opening of the Keystone Pipeline or the promise made to big domestic corporations last week to reduce the paperwork and tariffs by as much as 75%.
However, these sorts of decisions have been far and few in between, while the ones which might hurt the US economy or the fragile global economy (which would still hit the US economy very quickly) have been coming since the first day he set foot in office.
Anyway, USD bulls have put up a good fight in the last several hours and now the Greenback is about 50 pips better off. These fights are getting more frequent and the USD buyers are fighting harder every time, which indicates that the end of this USD pullback might be close.
I´m still looking at GBP/USD but this forex pair is about 150 pips lower from the highs last Thursday. Still waiting for 1.28 at least with nerves of steel.