U.S Dollar—The U.S dollar in the June contract is trading lower for the 2nd consecutive session as prices are right near a 2 week low as the 98 level has held on multiple occasions as we are currently trading at 9742 right near session lows. I have been recommending a bullish position from around the 97.41 level over the last month and if you took that trade the stop loss on a closing basis only stands at 97.42 as this trade remained flat after all of this time.
At the present time I’m also recommending a bearish position in the Mexican Peso which is lower once again today, but the U.S dollar has sold off in recent days due to the fact that the 10 year note is currently yielding 2.12% which is a 20 month low as lower interest rates are a negative influence towards the dollar.
The volatility in the U.S dollar remains incredibly low as I still think it’s the strongest currency in the world, but at this time if prices close below that critical level it’s time to move on and look at other markets that are beginning to trend.
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