Donald Trump’s Treasury Secretary hit the dollar when it was falling and then the President said he wants a strong dollar, sending the greenback to a mighty recovery.
The high level of volatility continues and the even the strongest person on the planet cannot keep the dollar up. The Donald dollar effect is fading.
- EUR/USD, that dipped under 1.24 on Trump’s comments, is back to 1.2465. There is still a lot of way to go up to 1.2537, the Draghi-inspired peak.
- GBP/USD that dipped deep in the 1.41 handle, is back up to 1.4250. Also here, there is a long way to go. We will later get the UK GDP.
- USD/CAD is dropping once again, also as oil prices move up. The pair is down to 1.2330. Canadian inflation numbers are next.
- AUD/USD managed to withstand Trump quite well and is now at 0.8070. Resistance is at 0.8130.
Only USD/JPY is somewhat lagging behind and remains down on the day. It may be waiting for the US GDP release at 13:30 GMT.
More: EUR/USD: to 1.29 or a dip before the next move?
Here is how things look at the euro/dollar chart: