Markets on Thursday: USD Fires Up
Markets have cooled down a touch after the big sell-off and volatility spike we saw early in the week. That said there are still some decent ranges in the indices and certainly plenty of volume. I suspect there is more downside to come and this might just be the start of a very active year on the markets.
Yesterday it was the USD that ultimately was the leader of the pack. I’ve been speaking about the potential for a turnaround in the USD and that’s what we saw the start of.
As a result, we saw the other majors struggle to keep pace and those that had already shown a bit of weakness kept that moving.
Bitcoin (BTC) tested 8000 and we are now flirting with that level. It has been a strong recovery for the digital currency, thanks to a big rebound off 6000 support.
USD Testing Resistance
The USD has managed to crack the 90.00 level and I think we are going to go higher still. The bottom of the next range is around current levels at 90.33.
We will likely pull back into range and this might very well be the start of a sustained move higher.
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