US Dollar gets hit on what seems like weekend profit taking
Despite upbeat economic releases across the board from the US, with the exception of the import prices, US Dollar declined across the board after the release of the UoM consumer sentiment.
GBPUSD which has been weak during the week saw a reversal trading after making an intra-day low of 1.5593, while the EURUSD which was fairly resilient on better than expected GDP and inflation figures rallied from the lows of 1.23975, currently trading at 1.2475.
The same scenario played out across the commodities as well with Gold reversing losses from intra day lows of 1147, currently trading at 1173. WTI Crude Oil pushed higher trading at 75 handle. The sudden reversal in the US Dollar comes for a second week as witnessed last Friday, but the declines in the USD were attributed to the NFP related theme.
If the current theme plays out into the end of today’s trading session, we could very well see most of the USD crosses trading back towards their daily pivot levels, especially the GBPUSD and USDJPY which we have noted in our daily analysis.