Nothing too crazy happened in the forex world today, however, the Dow hit 1800’s while oil touched the $50’s. Although forex, equities, and commodities aren’t directly related to each other, they are still in the same realm of finance. As of now, the dollar is deciding what to do; either investors have lost faith in a future rate hike and punishes the dollar or we’ll see recovery from the latest NFP number. The dollar bulls needs to pray for better data to increase a rate hike probability.
I’m sensing that the Pound will continue to go down for the fear of a Brexit. I am currently short GBP/USD and long EUR/GBP. These are trades I’m planning to hold onto and hopefully see a positive result in. If fears grows in a potential Brexit, I can see the GBP/USD testing 1.4400’s again.
The GBP/USD is at a new high due to the dollar falling from the NFP. It looks like it’s in a small bearish channel, let’s hope momentum kicks in.