Dynamics
dollar remains under downward pressure, but trading ranges against other major currencies. This pair of EUR /USD is traded on the approach to the 1.4300 mark, a pair GBP /USD remains in the range above 1.6500, a couple of USD /CHF traded below 1.0700.
Japanese yen also remained under pressure against other currencies. This pair USD /JPY is trying to gain a higher mark of 95.00, a pair of EUR /JPY is traded on the way toward 136.00.
Commodity currencies continue to strengthen against the U.S. dollar. Thus, the pair AUD /USD has reached 0.8300 marks, a pair NZD /USD again broke the 0.6600, a couple of USD /CAD has fallen below 1.0800.
Causes
In the main, the pressure on the dollar associated with persistently high propensity of investors to risk, which is the eve of a little stronger after the publication of favorable data on sales in the primary market of housing in the United States. Nevertheless, sensitive to currency risk have not been able to significantly improve its position against the dollar, while the traded at the upper limits of the current ranges.
What to expect?
Prospects for the dollar remains negative. Reports from the U.S. economy and other favorable data continue to encourage the purchase of risk-sensitive currencies, pushing them to new peak against the U.S. dollar and Japanese yen. The situation is unlikely to change in the near future, because today is not scheduled to publish a large number of important macroeconomic data. Most attention will focus on U.S. consumer confidence index in July, but if the figure will not be disappointing, it is unlikely to support the dollar.
What is fear?
As the dollar reduction in the risk of technical correction. According to the latest volume of net short positions on the dollar reached a record level of more than a year, which sharply increases the probability of growth of the dollar against the backdrop of a fixed income. Nevertheless, the process is likely to be short term.
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