Markets on Friday: Volatility is Rising in the USD
The USD was up and down as volatility was everywhere.
Forex markets have been volatile this week and yesterday was another big one. The USD went on a rollercoaster ride and pushed around the majors.
While ECB President Draghi did his very best to try and talk down the Euro, markets weren’t having any of it.
The USD has been bearish for weeks now and over the last few sessions, the losses have been increasing. Yesterday started in a similar fashion as the Greenback kept on tumbling. However come the end of the session, US President Trump came out and suggested the USD will be strong going forward. That sent the Greenback the other way.
At the same time, the EUR/USD charged higher to the 1.25 level as traders are now more bullish on the shared currency. There were no interest rate changes but that didn’t matter.
Bitcoin (BTC) has continued to find its feet this week and is still maintaining some strength above the 10,000 level.
Where to for the USD?
Despite the bounce, I’m still bearish on the USD in the short-term. I expect more declines to come, however, they won’t be as sharp as what we’ve seen. I would think we would find more resistance around the 90.00 level should we push that high.
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