OctaFX | OctaFX Forex Broker
Open trading account

Uptrend disturbed for USD – Westpac

FXStreet (Delhi) – Imre Speizer, Senior Markets Strategist at Westpac, notes that the faith in the US dollar’s uptrend has understandably taken a knock amid stretched positioning and the disappointing stimulus package the ECB delivered last week.

Key Quotes

“However, Chair Yellen has put her final seal of approval in favour of Dec lift-off and Friday’s strong payrolls report removed the risk of any last-minute data shocks.”

“US rates have further to go to before December is fully priced in - it may not be much but mechanically the front end-can rise a touch further and thus confer a little more support for USD.”

“The USD index (DXY) could have another stab below 98.0 near term but should eventually sustain a rise beyond 100.0.”

Speculators trimmed net bullish positions for 5th straight week

The data released by the Commodity Futures Trading Commission (CFTC) for the week ended Dec 1 showed traders trimmed the net bullish positions for 5th straight week.
Read more Previous

WTI back below $ 40 after OPEC did nothing

Oil futures on Nymex continued to trade in the negative territory on Monday, extending heavy losses seen on last Friday after OPEC’s meeting turned out to be non-event.
Read more Next
Start livechat