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It seems that interest rate differentials started to matter again in the FX markets. As recent meetings only confirmed, major central banks are in no hurry to follow the Fed on its tightening path just yet. U.S. twin deficits issue and so-called Trump premium are being put aside for the moment. EUR/USD is back below 1.20 and I think there's more to come.
al_dcdemo's Blog
Kiwi snaps back
Kiwi traders reacted on Trump talking down the U.S. dollar on Tuesday evening and bought/covered the pair up to 0.7015. Overall, the prospect of lower interest rate differentials still weighs and there was no hurry to lift it much higher.
0.70 - 0.7025 is the initial resistance and, if buying continues, the range could be extended to somewhere between 0.7090 and 0.7125. It may perhaps rally further after French election, if U.S. dollar weakness continues and RBNZ doesn't turn dovish.
0.70 - 0.7025 is the initial resistance and, if buying continues, the range could be extended to somewhere between 0.7090 and 0.7125. It may perhaps rally further after French election, if U.S. dollar weakness continues and RBNZ doesn't turn dovish.