I wrote a few weeks ago about how President Trump wants a weaker Dollar, and how he waits for moments of technical weakness in the greenback before he aims a few well-chosen words which attempt to incite the market into selling the Dollar.
I wrote a few words in my previous posting about the current controversy in the U.S.A. about the war of words between President Trump and much of the “legacy” mainstream media.
Forex markets have been a bit choppy this week, making it a challenge to pull out any profit. There are no major news releases due later today and movements in major Forex currency pairs are small
Over the weekend, I was concerned that we would see the Turkish Lira collapse as Forex markets opened for the week. Although the Lira did fall further yesterday to get slightly lower than 7 to 1 U.S. Dollar, it has recovered in recent hours to trade around 6.5.
My tip last Thursday to look at short selling the Turkish Lira was well-timed, with that currency falling by an incredible 15.63% over the course of the very next day.
The Reserve Bank of New Zealand gave their monthly policy input a few hours ago, and it sent the New Zealand Dollar falling strongly to new multi-month low prices.
Looking at my charts of the major currency pairs this morning, it struck me how the British Pound still looked weaker than anything else and had clearly moved down in value since last week’s “hawkish hike” – exactly the opposite really of what “should have happened”
One of the major scheduled releases of last week was the U.S. Non-Farm Payrolls data, which was released on Friday.