Despite the recent wave of strong U.S. data, the dollar still lost ground to its major counterparts, particularly the yen in yesterday’s trading.
The recent correction in GBP/USD is giving pound bears a chance to hop in the ongoing selloff at a better price.
The U.S. dollar lost ground to most of its major counterparts as some Fed officials talked about the low likelihood that the Fed will reduce its stimulus program soon.
EUR/USD seems to be rebounding from its recent lows nicely as the pair is edged back abve the 1.2900 major psychological level.
The US dollar continued to retreat against its major counterparts, as traders booked profits from key support and resistance levels on the major currency pairs.
The dollar seems to have retreated from its rallies at the start of this week, as traders may have booked profits off key inflection points for the major pairs.
The U.S. dollar is still able to draw support from news of the Fed mapping out its stimulus exit plan, despite the wave of bad economic data from the U.S. last week.
Ever since AUD/USD breached the 1.0200 major psychological level, it has been on a very strong selloff, even breaking below parity.
The U.S. economy chalked up another day’s worth of weak economic figures as its CPI and Philly Fed index ended up below expectations.
GBP/USD already broke below the rising trend line on the 4-hour time frame earlier this week, but it appears that the pair has found support around the 1.5200 major psychological level for now.