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Currencies

Don’t Expect Current Currency Trends to Reverse

Posted 09/28/2018 9:51AM CT | Tony Cholly

Dollar: The USD is in a clearly defined uptrend and it looks to remain that way to finish the week, with a possible return to the September highs of 9528.  The U.S. scheduled data, and the Fed commentary this week were both supportive of the USD, especially against ongoing global geopolitical uncertainty.  A new record low in German unemployment and suggestions from both Chinese negotiators and the Canadian Prime Minister hinting at ongoing negotiations.

Euro: Clearly the fresh record low in the German unemployment and an uptick in euro zone flash inflation are not capable of arresting the slide in the euro. Near-term downside targets are seen around 16100, especially if there is solid U.S. data.

U.S. Dollar Index Dec ’18 Daily Chart

U.S. Dollar Index Dec '18 Daily Chart

Euro FX Dec ’18 Daily Chart

Euro FX Dec '18 Daily Chart

 

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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