Saxo Bank Says Bearish Dollar Trend Set General Trends
The US dollar has approached the extreme levels of support, so the continuation of the bearish trend will be decided on the basis of global sentiment. Saxo Bank is talking about it.
"Currency markets are too calm today, but there is a decline in the dollar. Critical levels have now been reached." We are watching the 1.2000 mark in the EUR/USD and 0.7400 in the AUD/USD, "said chief strategist John Hardy.
He also points out that a lot of macroeconomic data is expected this week, including the global November PMI activity index. "We watch and wait. The most interesting argument against a weakening USD will be economic data, which indicates an increase in the yield of US bonds. A decrease in income or maintaining positions will provide calmness," the strategist said.
He also notes that preliminary data on the dollar versus the euro could not affect EUR/USD. According to the strategist, it is not so bad that many have lost patience with the behavior of American futures, although the indicators are still biased in favor of longs.
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