Majors on Wednesday: USD is Back In Vogue
Rowan Crosby • 1 min read
The US Stock market did what it has been doing lately – and just went up. The Trump Tax cuts are all the focus at the moment for traders are investors and if they end up passing, we can expect a huge run-up in the SPX and the USD.
The Dollar managed to gain some ground after a rough week and it took the majors along for a ride. The US Dollar Index (DXY) is back above 93.00 and there is a bullish feel to it once again.
The strong USD forced a bit of a fall in the EUR/USD, while the USD/JPY was again in focus after North Korea tested another missile over Japan.
AUD/USD – The AUD is still a decent sell and the strength in the USD will only boost any short trades.
EUR/USD – The Euro dropped back to previous resistance turned support.
USD/JPY – The Yen ran up quite a bit after some two-way action, from the tax cuts and North Korea. We are currently short with an open forex signal.
NZD/USD – The Kiwi looks like it has put in a short-term top.
USD/CAD -The CAD got a bullish uptick, but is still stuck in a longer-term range.
USD/CHF – The Swissy is tracking the USD for the most part.
GBP/USD – There was a wide range in the pound on the back of Brexit talk. Tough to find a trade here today.
US Dollar Index (DXY) – The USD is looking bullish and has rebounded. More to come.