Top FX Headlines: US Dollar, Japanese Yen Sink as ’Risk On’ Sentiment Surges

Top FX Headlines: US Dollar, Japanese Yen Sink as ‘Risk On’ Sentiment Surges

Is the US Dollar rally over? Developments since FX markets opened up Sunday in New York would suggest that traders may think so. While US President Trump’s comments about starting a global trade war via aluminum and steel tariffs may have been the initial catalyst, knock-on developments have given traders little reason to continue to push the US Dollar higher.
Following the bearish daily key reversal on on March 1, which prevented the DXY Index from clearing the critically important 91.01 level – the 2017 low and resistance following the failed January 15 to 17 morning doji star candle cluster – the US Dollar has fallen back into its downtrend from the mid-January and early-February swing highs.

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