Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Evergreen buck stands tall following short-covering bounce
On Wednesday, the major US currency edged up versus a basket of crucial currencies, having obtained a boost yesterday because market participants adjusted their trading positions ahead of a global key bankers' conference.
The US dollar index, assessing the greenback versus a basket of six currencies, grew 0.1% hitting 93.605, contributing to its 0.5% revenue from yesterday.
On Tuesday, the greenback had ascended because the common currency was suppressed by a weaker-than-expected outcome on German investor confidence.
Ahead of Jackson Hole market participants have started reducing their short dollar trading positions.
The financial market will probably head for a holding pattern before the Jackson Hole symposium, as some financial experts state.
The greenback grew 0.1% hitting 109.71 yen, drifting away from a four-month minimum of 108.60 yen reached the previous week.
The common currency dropped 0.1% hitting $1.1748.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.