Thanks to a generally stronger dollar amid heightened expectations of a faster-tightening cycle from the Fed, market participants have apparently reduced their holdings in buck-denominated precious metals.
Although global stocks have displayed phenomenal gains this month, the growing skepticism over the sustainability of the bull rally may encourage participants to heavily scrutinize Trump’s first speech.
Earlier today, the U.S. Dollar Index extended losses against the basket of the major currencies as yesterday’s Fed statement didn’t give clear signal on the timing of its next rate hike. How did this drop affect the technical picture of euro/U.S. dollar (EUR/USD) currency pair, USD/CAD and AUD/USD?