USD Is Losing But Not Against JPY, What Does It Mean?
Last night when I left the market, the US Dollar was pretty stable against all major currencies. Today though, I see that the Buck is losing ground against all majors, apart from the Japanese Yen.
The European services and manufacturing numbers this morning were sort of mixed, but that didn´t stop the Euro from climbing 40 pips against the Buck.
GBP/USD has been doing pretty much the same today, which leaves our forex signal in EUR/GBP unchanged from last night when we opened it. We need the GBP to fall in order for EUR/GBP to start moving higher.
Speaking of GBP/USD, we said in one of our forex updates a few days ago that 1.28 will be a good place to look for long term shorts in this forex pair, so I´m still waiting.
The buck has been losing ground so far today, but USD/JPY is more or less unchanged. This meant that the Yen can´t take advantage of the Buck even when the Buck is declining fast.
That in itself means that once the Buck puts up a fight against these majors, USD/JPY is likely to be the first one to run higher. This leaves our forex signal here in a pretty good position, even though it is in red now.
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