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.
Head of Commodity Strategy
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Despite some emerging signs of consolidation speculators nevertheless increased their bullish dollar bets against nine IMM currency futures by a net 8,000 lots, or $0.3bn, to $24.5bn in the week to August 21. This was the week where the dollar retraced some of its recent gains after President Trump went on the attack against Federal Reserve chair Jerome Powell for raising rates and thereby supporting the stronger dollar.