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Hardy: Where next for the US dollar?
The US dollar was "about to crumble" across the board last week, according to Saxo Bank's Head of FX Strategy, John Hardy. Better than expected jobs figures gave it a boost but its direction this week is less certain. The greenback's higher this Monday against many of the G10 "smalls",but it's still looking vulnerable against the euro and the Swiss Franc.
Technically, John's looking for euro dollar to fall below USD 1.38. The risk, however, is that we continue to trade in small ranges until next week's FOMC meeting. With no action again from the ECB last week and conflicting US data, it's an environment where the euro tends to drift higher.
John also points out that the Reserve Bank of New Zealand is expected to raise rates this week. Such a move is priced in, he says, and more hikes are expected. This doesn't mean, however, the Kiwi is going to bolt higher.
Read more of John's analysis here:
https://beta.tradingfloor.com/posts/usd-strength-needs-broaden-week-call-rally-932358315
02:36 minutes
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