RJO FuturesCast

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Currencies

Looming Trade Threat Weigh Down on US Dollar

Posted 06/25/2018 1:22PM CT | Alexander Turro

The US Dollar is down for the third consecutive session following weakness in global equity markets as well as the ongoing trade threat. Global equity markets were all down in the overnight with the Trump administration formulating a plan to bar Chinese companies from investing in U.S. technology firms as well as additional threats of US tariffs on European cars. The path of least resistance remains down as outflows in the US dollar may continue with momentum studies trending lower. Near-term support is seen at 93.97 with the next downside target at 93.81. Resistance is seen at 94.41 and 94.71.

US Dollar Sep ’18 Daily Chart

US Dollar Sep '18 Daily Chart

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Alexander Turro

Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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