 Dollar faced significant selloff overnight as market participants ramped up bets on a September rate cut by Fed. This shift in sentiment propelled S&P 500 and NASDAQ to record highs too. However, the greenback managed to stabilize in Asian session as the forex markets quieted down in observance of US July 4 holiday. As noted below, despite the current drop, it's premature to call for near-term bearish reversal in Dollar Index. The direction of Dollar will largely hinge on the upcoming non-farm payroll data due tomorrow. For the week at this point, Sterling stands as the best performer, with market participants eagerly awaiting the results of UK general elections to adjust their positions. Euro follows as the second-best performer, with attention also focused on the second round of the French parliamentary elections this weekend. Aussie is currently in third place. Conversely, Yen and Swiss Franc are the worst performers for the week, with Dollar trailing as the third worst. Kiwi and Loonie are positioned in the middle... |
