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Dollar woes compounded – Video Analysis

Market Analysis

US Dollar woes compounded – The dollar slumped again today following yesterday’s ECB announcement and press conference, which saw EURUSD rally to near two-year highs of 1.1658. While ECB policy has reinvigorated the euro’s rally, a run of soft data out of the U.S. and concerns about Trump’s agenda have been taking a toll on the dollar.  A NY Times article quoted Trump as critical of the AG, Deputy AG, former FBI Director, acting FBI Director and Special Counsel Mueller. He was critical of conflicts of interest in the Mueller camp as well, which has reportedly begun investigating some family members.  Stocks have dipped into the red, yields are back at lows and the dollar index is 0.65% lower near 94.14, while today is near 93.80. Meanwhile yen is getting stronger with USDJPY moving below 112.00 and 200 DMA.

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Stuart Cowell

Senior Market Analyst

HotForex

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