Hot Topic – US dollar slides

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The USD ended last week taking a pounding against the other major currencies including the GBP, the YEN, EURO, Swissy and the CAD. It only performed better than the Aussie which had an even worst week
That’s got the analysts confused as the US economy is currently outperforming most of the others
And the Fed is tightening monetary policy while most other central banks are loosening

Further to that we’ve had a very good Non-farm payroll for July

And hawkish comments from Fed members on the next rate hike
The only glitch has been a disappointing retail sales report
So all this is clearly still not enough for investors who seem to be expecting more.

So what will it take for traders to back the greenback again?

This Friday’s speech by Fed Chair, Janet Yellen, will be closely followed by traders
US dollar bulls will be hoping for stronger indications on at least one rate hike before the year is out
And though analysts don’t see one coming in the next couple of months, they are holding out on hopes for one in December.

Here’s what else to keep an eye on this week.

On Thursday we have the German IFO report
And also revisions to the Q2 GDP report out of the Eurozone.

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