NY Open: USD finds its mojo
The US dollar has been under pressure all week, but finally began to pick up the pace after today's New York bell. The catalyst is not entirely clear, but it could come down to GBP.
Saxo Bank’s head of FX strategy John Hardy casts his eye over the forex market as traders await the FOMC meeting on March 21.
With US retail and CPI data in line with expectations, attention now turns to the US Federal Reserve, fronted by new chair Jay Powell. Forecasts for an interest rate hike at the March 21 outing of the Federal Open Market Committee are near-unanimous, but the dollar trade remains listless ahead of the event.
Hardy also looks at forex crosses including cable, EURUSD, EURGBP and AUDCAD with some interesting observations.