1 week Ago By Giuseppe Dellamotta
The US Dollar has beengaining ground across the board this week despite the lack of economic data andlower Treasury yields, essentially moving forward by inertia. Stanley Druckenmiller saidin an interview yesterday that the market is already positioning for a Trumpvictory given the moves in some stocks like DJT for example. That could explain therecent USD strength as it should appreciate on higher growth and less rate cutsexpectations.
Nevertheless, not all markets have been in sync with this view,so it could be just noise. For now, we can only workwith data and today we get the US retail sales and jobless claims figures whichwill likely be market moving. The key events though will be in November when weget the October data and the US election.
On the daily chart, we cansee that USDJPY is probing once again above the 149.40 level with the buyerstrying to extend the rally into the 152.00 handle.
The price action remainspretty choppy but we can expect the sellers to step back in if the price wereto fall below the 149.40 level. On the 4 hour chart, we cansee more clearly the recent price action which has been showing a slowing downin the bullish momentum ahead of the 150.
00 handle. There’s not much we canglean from this chart as the rangebound price action around the key 149.40level makes it harder to find clean levels where to lean onto.
On the 1 hour chart, we cansee that the 149.40 level is acting as kind of a barometer with the price stayingabove it being more bullish and below it being more bearish. Today we get theUS retail sales and jobless claims figures which should be market moving.
Thered lines define the for today. we have the US Retail Sales and US Jobless Claims data, while tomorrowwe conclude with the Japanese CPI..
