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The dollar is holding steadier today after a slight drop yesterday, continuing the post-NFP move on Friday last week. That said, there isn’t much changed at all in terms of the technicals and that suggests the market is still largely trending sideways for now.
That has pretty much been the case over the past two to three weeks.
Dollar pairs in general are largely struggling for direction and that might not change until we get to the US CPI data and ECB policy meetings this week.
I’m still looking towards dip-buying for the loonie and oil, and some appetite to dip into broader commodities now that there is some stabilisation after the whole China fiasco.
It is tough to fight broader sentiment on inflation especially when the figures are going to keep pushing the narrative in the months ahead. It is all going to be about how much resolve central banksters or should I say the Fed specifically can handle.
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