Technical Analysis

US dollar slides as the mood in markets improves


I highlighted the economic commentary from earnings reports earlier today and that along with better US consumer sentiment was telling.

US stock futures pointed to a 1% decline but that’s been pared to 0.2%. You also have strong dip buying in names that reported like Delta and JPMorgan:

In FX, the reaction has been more subdued but the dollar is softening and AUD/USD is making some headway.

In the bigger picture, I’m watching yen crosses very closely because something is brewing at the Bank of Japan. USD/JPY is down another 160 pips today.

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