Dollar Rally Loses Steam, Focus On Fed
Donald Trump will be, once again, the next president of the USA and the U.S. dollar soared, at least in the beginning of yesterday’s early vote counting. Now it appears as if the dollar rally loses steam. Investors now look to the Federal Reserve decision later int the day for more cues on interest rates.
The Fed is widely expected to cut rates by 25bp today but the future rate outlook remains uncertain in the face of a Trump presidency.
EUR/USD: As long as the euro remains below 1.0830 but more importantly below 1.09, chances are in favor of a further dollar rally. Watch out for a break below 1.0680.
GBP/USD: 1.30 remains an important resistance for the pound. A break below 1.2830 could lead to a next leg lower towards 1.2650.
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