The USD Holds Up
Rowan Crosby • 1 min read
The USD is holding up well as the risk-on came back, for the day at least. As US traders get ready for the Thanksgiving holiday break, stocks managed to find a green day.
Weak data across the board in the US, seemed to not worry traders all that much in what was one of the only positive signs we’ve seen this week.
At the same time, the commodity currencies all benefited from the risk-on feel as the AUD, NZD and CAD all outperformed.
Bitcoin bounced a touch along with oil and the pause in the selling is here for the time being at least.
The USD Outlook
The DXY is now just below the resistance level of 97.00 and I expect that we probably won’t push too far for the rest of the week.
96.00-20 remains the key support and that should hold up in the absence of US traders.
Of course, markets are open even in the US on Friday, but I suspect there won’t be anyone in the office.