NY Open: Pre-Thanksgiving profit-taking sinks greenback
Market sentiment is on the shaky side as US markets open, with flagging trade deal optimism, a dovish Fed and some profit-taking all taking their toll.
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.