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USD strength continues

Posted on: October 02, 2017

The theme of USD strength from Friday continued over the weekend and into this morning. The GOP’s optimism around the Trump Tax plan and the possibility of a more hawkish Fed Chair beginning in early 2018 have been supporting the USD. Over the weekend violence in Catalonia as 90% of voters voted for independence has added to the political uncertainty in the Euro zone, while the United States saw the deadliest mass shooting in its history in Las Vegas last night.

On the charts, USDCAD has tested the 1.2505 (61.8% retracement level from low) multiple times overnight and this morning with 1.2530/40 representing the next key band after that. Initial support comes in around 1.2460/70. US Yields have retreated a bit from the highs but still continue to trend higher, supporting the USD against the crosses. This certainly feels like the new pain trade, with the biggest USD short since 2012.

Looking ahead to the rest of the week, the highlight will be double Non-Farm Payrolls on Friday, with other data sprinkled in. We hear from the RBA later tonight, we will see if they repeat their dovish message around the Australian Dollar. US Fed Chair Janet Yellen speaks Wednesday while on Thursday we hear from the ECB regarding their September meeting notes.


  • Friday's NA 1.2425 - 1.2532
  • Asia 1.2468 - 1.2503
  • London 1.2484 - 1.2525


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