
June US dollar futures are trading slightly higher on Friday morning for the first time in seven sessions. The safe-haven qualities of the USD have gone to the wayside as successful economic openings become headline news, and the “do-whatever-it-takes” policy of the Fed begins to weaken the world’s reserve currency. A rise in rates is helping to support the greenback near 96.80 this morning. The longer-term theme hasn’t changed, and foreign currencies are beginning to tell that story. The euro blasted higher this week, trading along 1.1335 Friday morning after a breakout from 1.10. The currency of the EU is likely to show the most relative strength if the dollar continues to weaken. Commodity currencies, like the Aussie and Canadian dollar, have done well as the price of oil rebounds to the $40 level. There is a paradigm shift happening in the currency space right now, and the days of “King Dollar” may be in the rearview mirror.
