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Hardy: For dollar support, look beyond the majors
There's more dollar support out there than the headlines would suggest; that's the view of Saxo's Head of FX Strategy, John Hardy. He says we're seeing a weaker dollar against the euro, the yen and the Swiss franc but we're seeing it stronger against some of the commodity currencies.
John points to the New Zealand dollar as a good example. He says there's been an enormous correction in the kiwi against the greenback after an equally enormous rally. There's less expectation that the Reserve Bank of New Zealand will tighten monetary policy over the next twelve months; it meets this Wednesday. He says the failure of the recent highs above 0.8400 to hold is a bearish development for the pair. Eventually, John says a move below the key 0.8150 would offer confirmation that a fresh bear market for the NZDUSD is underway.
01:41 minutes
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