Markets on Tuesday: The USD Holding for Now
Rowan Crosby • 1 min read
As markets wait on further developments on the trade war front, the USD has been in a relatively small range.
There was limited data out on Monday and markets reflected that. Equities were broadly lower, which was probably a good result. Particularly in the NASDAQ, which has seen a fair bit of selling of recent times.
The day ahead remains on the thin side as well as data remains limited. There was plenty of data around in the GBP and again we have more today. With the Brexit headlines, the GBP/USD is in-play at the moment.
In Asia, data is limited and once again the AUD/USD and NZD/USD are both struggling.
The USD is Square
The DXY is still around the support turned resistance level at 95.50. The range that is holding is 95.00-95.50.
The play is probably to wait on a breakout of those levels. We’ll need a catalyst for that, which will likely be further developments on trade.
While the news is quiet we can continue to work that range.