FX Update: Up A Bit, Up A Bit More… And Follow-Through

I can’t say that we saw a particularly firm dollar. In USD/JPY it most certainly took the opportunity to push higher again. However, the Europeans basically took a day off and took things slowly. There was always the potential for gains – just it was too slow. Therefore, today should see these three now begin to push higher – dollar-wise.

That leaves the other major – in USD/JPY – rather puzzling. It has seen a decent rally but as far as I can see, we can either see a direct follow-through higher – but be aware of any deep pullback. That’s not such a bad thing because we need EUR/JPY to move lower… That doesn’t mean to say there is a definite cap. It may just push a bit higher but I cannot conceive a stronger rally in the cross.

Even AUD/USD pushed higher. I was wondering whether it would reverse lower yesterday but it managed quite a deep pullback. This should now follow the European outlook for dollar gains once more.

So, overall it seems that the Europeans and dahn-unders should be looking for dollar gains today. Just take care with USD/JPY…

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