US DOLLAR OUTLOOK – EUR/USD, GBP/USD, USDCAD
- The US dollar (DXY) lacks directional conviction ahead of key events on the US calendar
- Fed Chair Powell’s testimony before Congress later in the week will be a source of volatility to watch
- This article explores the technical outlook for EUR/USD, GBP/USD and USD/CAD
Most Read: USD/JPY Starts Week Strong; Tokyo Inflation, ISM Services, Powell & NFP in Focus
The U.S. dollar drifted aimlessly at the start of the new week, exhibiting a mixed performance against its major counterparts. Despite gains against some currencies, it softened against others, even with the support of rising U.S. Treasury rates. Typically, higher bond yields boost the greenback’s appeal, but today the relationship did not work quite well.
Traders were hesitant to take on much directional exposure, fearful of getting caught on the wrong side of the trade in light of a…
