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European equity markets have exploded higher, in-line with Wall Street S&P trade, and that in turn has moved oil prices higher; everything is in place for Usd weakness. Apart, that is, from the fact that the major pairs are so range-bound that there is an inability to move outside of the previous session highs and lows.
The reasons may be that the calendar is loaded this week, the European markets are closing, and the market is fearful of maybe getting ahead of dollar fair value.
The other variable that is keeping things locked down is that no global region really wants a lower dollar at a time of economic expansion hopes; outside of the U.S. that is.
That resistance put in place by central banks and sovereign wealth funds cannot break on such light volume levels that we have right now, but, that may be addressed by the calendar releases that force fair value moves later this week.