Last week, the dollar struggled as President Donald Trump increased his calls for rate cuts ahead of the looming deadline for trade deals, the Jobs Report increased the possibility he will finally get what he wants. On Friday, he addressed the dollar, telling reporters he would never back a weak currency while simultaneously touting its economic benefits, particularly for US manufacturing. “I’m the person who likes a strong dollar, but a weak dollar makes you a hell of a lot more money,” he said. This week is likely to be a real test of the dollar, with hard-to-see reasons to buy except the fact that traders are already short.
- We can see the Greenback rotating around 96 and 100-102 over the coming weeks/months, with any squeezes higher a selling opportunity.
MM remains bearish towards the $US medium/long term
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