Seeing the USD index fail to rally on the US treasury claw back of stimulus funds from Federal Reserve highlights a lack of flight to quality sensitivity in the USD. However, it is possible that a portion of the trade thinks the treasury has plans to utilize the funds quicker than the treasury by some form of executive order. On the other hand, the other side of the political aisle sees the pullback as a move designed to rob the US economy of economic assistance for the next administration. Just as equity markets continue to look through the US infection surge, it seems that the currency markets have same capacity and that could thicken the resistance that comes in today at 9245. The next level of resistance would be 9280 with support coming in at 9200 and 9185.

USD Dec ’20 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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