USD remains weak and at 6-month lows, despite its attempt to attain higher levels this morning. Last week the US Dollar index (DXY) measuring the strength of the USD against a basket of currencies, lost over 2% from open to close – last week the DXY hit lows of 97.08 and this morning is trading at the price of 97.25.
The USD’s weakness is largely attributed to the US’s current political turmoil taht could delay awaited fiscal reforms. In the meantime geo-political tensions also continued as reports from North Korea state they succesfully tested another ballistic missile last Sunday.
USDJPY is currently at 111.53 at the time of writing, last week the currency pair hit lows of 110.23 and is currently trading above the 100DMA at 109.65 after breaching the 200DMA throughout the course of last week.
The euro’s rally continued even throughout last Friday as the EURUSD pushed to session highs of 1.1211. We’re currently facing resistance around a key techincal level of 1.1184, currently price action is around this same level and we still have to see if we achieve a daily closed above or below this level, to see were support for the euro wants to take it from here.
