As I predicted, Usd strength is slowly but surely playing out on the Forex markets

  • A strong ADP employment change figure an hour ago has been a catalyst for Usd/Jpy buying, and has put a dent in Usd crosses like Eur/Usd and Gbp/Usd
  • Besides the Yellen speech this afternoon, there will be more important data releases tomorrow, which might well keep this momentum going, and give Usd/Jpy its bullish direction, aswel as sending Eur/Usd and Gbp/Usd on their downward correction - which would also make perfect sense -- technically
  • Data and economic recovery in the US has been strongest around the world for a couple of weeks now - and as I mentioned yesterday, traders will begin to notice, and invest in Usd sooner or later - it usually just takes one or two strong data releases/surprises to the upside to accomplish this

Other things that I have noticed today

  1. Eur does appear weak at 1.37, and has fallen sharply now, after failing to break this level, therefore a challenge of previous lows at 1.35 seems a possibility
  2. Gbp, as I thought, is a tough nut to crack - it is still a preferable long amongst traders. Gbp/Usd has failed at 1.72, though, and has returned back to yesterday's level - shorts will have to be very patient here, but could be rewarded well - as a fall in this currency could have a long way down in it - first level of support around 1.67
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