Currency

Weak U.S. Data Leaves Bias Leaning Lower on USD

Posted 08/30/2018 10:14AM CTTony Cholly

Ideas of a trade solution leaves the safe-haven liquidation of the dollar in place for another trading session today.  While the US has set a Friday deadline for a deal that would seem to provide the bear camp with ongoing ammunition.  Talks that North American auto agreement has already been constructed suggests that progress has been made and the universe of issues is shrinking.  It should also be noted that US scheduled data this week has been mixed too slightly soft and that could leave a minimal downward track in the USD in place. Support is seen at 9430, resistance comes in at 9467

U.S. Dollar Index Sep ’18 Chart

U.S. Dollar Index Sep '18 Daily Chart

The upward trend in the euro remains intact with a higher low and higher high put in already today.  German employment numbers reaching all time highs should be giving support to the Euro, but the 11750 level has shown to be psychological resistance. Support comes in at 11693 and resistance at 11752.

Euro FX Sep ’18 Daily Chart

Euro Sep '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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