The main catalyst for US dollar bulls over the past 2 months has been tax reform, but that could also be the catalyst for the bears as Ashraf indicated here and here. The yen was the top performer Wednesday while the US dollar lagged. New Zealand retail sales beat estimates in early Asia-Pacific trading. One of the two Premium trades in EURUSD took 90-pip gain. 6 of the existing 8 Premium trades are currently in the green.
The march higher in equities continues after existing home sales numbers beat estimates but the reason that USD remains weak across the board is attributed to the fact that emerging markets are fuelling global indices, rather than US data. (see chart below). UK Chancellor Hammond announces a non-inspirting budget and GBP slips off its highs after 2017 and 2018 GDP growth estimates have been revised lower. The minutes of the Oct 31-Nov 1st FOMC meeting are out at 7 pm GMT/London. Ashraf has laid out in today's Premium video that Emerging Markets funds are outperforming their US counterparts. The Premium video will be posted before the US stocks session.Read More...
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