USD 
EUR 
JPY 
AUD
It's been a pretty wild day, honestly. The Euro didn't do much of anything, which was pretty surprising given all the ECB action. We had a bunch of speeches and a general council meeting, but none of it seemed to move the needle. And if you were watching EUR/AUD, you'd have noticed it just kind of sat there, closing at 1.6704. The Aussie didn't do much either, with AUD/EUR at 0.5987.
But let's get back to the ECB. Their speeches didn't give us much to work with, but according to FXStreet, the overall tone was pretty dovish. Which didn't seem to affect the US Dollar, by the way. It just kept on trucking, with USD/CAD at 1.3849 and USD/CNY at 6.9102. ForexLive pointed out that the AUD/USD has been all over the place lately, and it's hard to get a read on it. The pair's been trading in a pretty tight range, which is honestly a bit boring.
And it's not just the Aussie. The Canadian Dollar's been struggling too, with USD/CAD grinding higher. Scotiabank strategists think it's because haven demand for the US Dollar is dominating, and the pair's trading well above its estimated fair value. But you'd have noticed that USD/CHF extended its gains, which is pretty interesting. FXStreet said it's because of the broad-based US Dollar strength, and the Swiss Franc's just not gaining any traction.
But here's what's coming next: we've got a bunch of economic data coming out soon, and it's going to be pretty telling. If the US Dollar keeps its strength up, we could see some big moves in the coming days. And if you're watching USD/JPY, you'd have noticed it's trading near 159.70, which is a pretty key level. We'll see what happens next, but for now, it's all about the US Dollar's dominance.
ECB Dominates Trading
But let's get back to the ECB. Their speeches didn't give us much to work with, but according to FXStreet, the overall tone was pretty dovish. Which didn't seem to affect the US Dollar, by the way. It just kept on trucking, with USD/CAD at 1.3849 and USD/CNY at 6.9102. ForexLive pointed out that the AUD/USD has been all over the place lately, and it's hard to get a read on it. The pair's been trading in a pretty tight range, which is honestly a bit boring.
And it's not just the Aussie. The Canadian Dollar's been struggling too, with USD/CAD grinding higher. Scotiabank strategists think it's because haven demand for the US Dollar is dominating, and the pair's trading well above its estimated fair value. But you'd have noticed that USD/CHF extended its gains, which is pretty interesting. FXStreet said it's because of the broad-based US Dollar strength, and the Swiss Franc's just not gaining any traction.
But here's what's coming next: we've got a bunch of economic data coming out soon, and it's going to be pretty telling. If the US Dollar keeps its strength up, we could see some big moves in the coming days. And if you're watching USD/JPY, you'd have noticed it's trading near 159.70, which is a pretty key level. We'll see what happens next, but for now, it's all about the US Dollar's dominance.