USD 
EUR 
GBP 
AUD
It's been a wild day, with the dollar making some serious gains against the majors. If you were watching EUR/USD, you'd have noticed it broke out of its recent range, dropping to 1.13616, which was pretty wild. According to ForexLive, traders have been waiting for this break, and now that it's here, it's granting the market's wish. But what's really driving this move? Well, it seems like geopolitical risk is back in the spotlight, and that's lifting the dollar to a two-month high.
And honestly, it's not just EUR/USD that's feeling the heat - the USDCHF extended its rally today, reaching a high of 0.82045 before running into sellers. ForexLive highlighted that the next major upside target is between 0.8211 and 0.8214, so we'll be keeping an eye on that. But for now, the dollar's gains are modest, with changes at 0.11% or less against the majors. The Richmond Fed Manufacturing Index is also out, showing a composite index of 5 vs an estimate of 10, and a services index of -3 versus -1 last month. Not great numbers, but the dollar's still pushing higher.
But what about the other majors? Well, the British Pound is holding steady against the Yen, closing at 217.8200, and the Australian Dollar is also steady against the Pound, at 1.9072. The US Dollar is still strong against the Yuan Renminbi, closing at 6.7597, and the Euro is slipping against the Pound, at 0.8568. According to DailyFX, these moves are all about the dollar's strength, and it's hard to argue with that. FXStreet pointed out that the USD is higher against all three major currency pairs, which is a pretty significant move.
So what's next? Well, we've got more data coming out tomorrow, and it'll be interesting to see if the dollar can keep up this momentum. If you were trading today, you'd have noticed that the market's been pretty volatile, and that's likely to continue. But for now, it's all about the dollar's strength, and we'll be watching to see how that plays out.
Dollar Strength Dominates
And honestly, it's not just EUR/USD that's feeling the heat - the USDCHF extended its rally today, reaching a high of 0.82045 before running into sellers. ForexLive highlighted that the next major upside target is between 0.8211 and 0.8214, so we'll be keeping an eye on that. But for now, the dollar's gains are modest, with changes at 0.11% or less against the majors. The Richmond Fed Manufacturing Index is also out, showing a composite index of 5 vs an estimate of 10, and a services index of -3 versus -1 last month. Not great numbers, but the dollar's still pushing higher.
But what about the other majors? Well, the British Pound is holding steady against the Yen, closing at 217.8200, and the Australian Dollar is also steady against the Pound, at 1.9072. The US Dollar is still strong against the Yuan Renminbi, closing at 6.7597, and the Euro is slipping against the Pound, at 0.8568. According to DailyFX, these moves are all about the dollar's strength, and it's hard to argue with that. FXStreet pointed out that the USD is higher against all three major currency pairs, which is a pretty significant move.
So what's next? Well, we've got more data coming out tomorrow, and it'll be interesting to see if the dollar can keep up this momentum. If you were trading today, you'd have noticed that the market's been pretty volatile, and that's likely to continue. But for now, it's all about the dollar's strength, and we'll be watching to see how that plays out.