Greenback Strengthens
We were able to pocket some profit on our last trading days before the summer trading break.
Volatility picked up and the U.S. dollar strengthened. What happened at the ECB yesterday?
The central bank raised rates as expected. At the following press conference, ECB President Lagarde remained non-committal when asked about the possibility of a hike in September. This was seen as a dovish sign given Lagarde had been rather hawkish previously when pressed on future rate hikes. The euro consequently dropped below 1.1020 towards 1.0950 – the current support area. If 1.0930 remains unbreeched we may see some bullish movement.
Later today at 13:30 UTC we will have the PCE index scheduled for release which could have an impact on the U.S. dollar.
We will save our monthly profits today.
Have a good weekend!
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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