Dollar Mixed Despite Bet on Fed Peaking at 6%
| Action Insight Weekly Report 2-11-23 |
Dollar Mixed Despite Bet on Fed Peaking at 6% |
While the economic calendar was relatively light, the week was full of surprise. The biggest one was the big wagers that put on Fed interest rate peaking at 6%. Rumors and speculations about the next BoJ Governor triggered some volatility. Meanwhile, the blockbuster Canadian job data came in and blew everyone away. Canadian Dollar eventually ended as the best performer, followed by Sterling and Swiss Franc. The latter two were clearly helped by selloff in Euro, which ended as the worst performer. Kiwi were the second worst, followed by Yen. Aussie was just mixed after hawkish RBA hike. Dollar was also mixed, and need some inspirations from the upcoming CPI report. |
EUR/USD Weekly Outlook EUR/USD's decline last week indicates that it's already in correction to whole up trend from 0.9534. Rejection by 4 hour 55 EMA maintains near term bearishness and favors more downside. Break of 1.0668 temporary low this week will bring deeper fall to 38.2% retracement of 0.9534 to 1.1032 at 1.0463. Nevertheless, on the upside, break of 1.0790 minor resistance will turn bias back to the upside for retesting 1.1032 high instead. | |
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