Day 449: Don’t bet against the Dollar

Profit: $2.74 Total: $975.41

It’s safe to say that it’s unsafe to bet against the dollar anytime soon. Although the EUR/USD and GBP/USD are at a handsome low, it’s still dangerous to call bottom. The percentages of a December rate hike sits around 72%, which is the highest so far. Furthermore, the months proceeding December only increases the rate hike probability. November FOMC is in 8 days while the U.S election is in 2 weeks. I”ll be taking my quick scalps but would not dare to call dollar tops.

Although the pound and euro fell heavily against the dollar overnight, I caught some pips during it’s pull back. NY session consisted of the dollar taking back some of it’s gains which probably confused many traders. I still see much downside to the EUR/USD and GBP/USD. As of now I want to sell every rally.

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