Dollar Lulls Before Pick Up
The steady pace of dollar appreciation over the past week took a break in the morning hours Thursday’s New York session as the come down from yesterday’s positive shift in the trade balance led into the initial speculation of tomorrow’s retail sales report. Looking over price action in the majors, the dollar spent most of the Asian and European sessions on sell lists.The EURUSD had worked its way up to around 1.2730 around 7:30 GMT, making a choppy return to the previous day’s low at 1.2675. In the other three most liquid dollar-denominated pairs, the retracements in the greenback were less momentous. In the yen backed currency pair, the dollar dipped to 115.00 while three tests were made on the strengthening 115.50 resistance level. For the USDCHF, steady shorting from yesterday’s close shed 100 points from the pair until dollar bulls instigated a rally off of 1.2275 support to secure a hefty 60 point retracement. Anti-dollar sentiment in the overnight sessions was most serious in the GBPUSD where multiple tests off 1.8330 sparked a 130 point advance before being topped by the open of the US capital markets.
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