This week, the USD has been tentative because traders are awaiting Wednesday’s FOMC Meeting Minutes. Let’s take a look at the USD Index, the USD/JPY, EUR/USD and GBP/USD.
The USD index shows that the greenback is trading at the crossroads, trying to decide whether the early July bullish attempt will sustain and revive some USD-strength, or whether June’s rounded top should be respected to give way to USD-weakness. The USD/JPY is bearish heading into tomorrow’s event risk, but is still overall in consolidation mode. The EUR/USD is stalling, but looks ready to continue the prevailing bearish trend. The GBP/USD is stalling as well, but looks ready to continue a prevailing bullish trend.
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