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US dollar continues to roar. USD/JPY turns higher

USD/JPY on a rip

Is this it? Has the dollar bottomed?

US dollar bulls took an absolute beating in March and April. The Fed piled on with a another dovish statement and the chance of a hike in June is down to 10% in the Fed funds futures market.

What's interesting today is that USD/JPY is rallying even as stock markets suffer. The pair was beaten down to 105.56 earlier and is now nearly 100 pips off the bottom and into positive territory on the day.

USD/CAD, meanwhile is nearly 300 pips off the lows.

There are some very interesting daily charts shaping up that should reawake the dollar bulls.

The bond selloff has stalled but the US dollar hasn't.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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