Credit Agricole CIB FX Strategy Research notes that USD trading has been choppy and appears to be driven more by technical factors than specific headlines.
“US yields did dip on Tuesday as markets appear to have put more weight on weaker construction spending and auto sales data than the stronger core PCE prices data, although as our economists point out auto sales should still be a small positive contributor to July retail sales figures.
The USD’s rebound following the initial sell-off potentially suggests that short positioning has become more saturated and corrective USD recoveries could be more frequent from here,” CACIB argues.
Source: Credit Agricole CIB Research
The article is published by one of the foremost sources of Forex trading information. Link to the original article above.
from Online Forex Trading Resource
View thesource article here