One Final Push for the US Dollar?
- 4 June 2018
The greenback saw losses against most of the major currencies but in each case, it gave up less than 1% of its gains. To put this move into context, the EUR/USD rallied 7.25% over the past 6 weeks. The Australian dollar, on the other hand, remained trapped in a tight range ahead of the Reserve Bank’s monetary policy meeting. Interestingly enough the New Zealand dollar experienced the strongest gains for no reason other than a short squeeze as NZD data was mixed. US non-farm payrolls, the biggest event of the week had very little impact on the market. Instead, forex traders were charged by the political developments in Europe and US President Trump’s brewing trade war.
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