The Aussie/U.S. dollar currency pair made a strong and firm break below the 0.7512 bearish level and the lower corrective channel line. The U.S. dollar/Swiss franc currency pair is trading higher today, unfolding a nice and clear bullish structure from the 0.9786 low.
Apart from the eagerly anticipated announcement from President Trump on whether the United States will pull out of the 2015 Iran nuclear deal, one of the most highly awaited events in the economic calendar this week will be the latest interest rate decision from the Bank of England (BoE).
The euro, in particular, has been very strong over the past several months amid speculation that the ECB would end its QE purchases programme earlier than expected due to consistent improvement in Eurozone data and higher rates of inflation.
Oil prices pulled back after Brent crude hit its $70 per barrel objective and Chinese crude oil imports hit a record high but was a bit shy of expectations, but still strong as global demand is surging, global supply is falling and then there is the dollar.
The dollar, U.S. bond prices and stock index futures all tumbled as safe-haven gold and yen jumped on the back of a report that China is considering reducing or halting its purchase of U.S. government debt.