Dollar still stuck at the checkpoint | Forexlive
The dollar made some decent strides in its recovery to start the week as pointed out here. However, after some pushing and pulling in broader market sentiment, it seems like the greenback is still very much stuck at the checkpoint as traders continue in search for firmer direction this week.
The dollar is lightly lower as we look towards European trading today, though ranges are relatively narrow for the time being. In particular, we are seeing EUR/USD move back up to test the confluence of its key near-term levels:
That provides some food for thought all before we get to the FOMC meeting minutes release later in the day.
Equities are also staying fairly tentative after a choppy start to the new week, with yesterday’s gains providing risk buyers with more appetite once again. S&P 500 futures are tepid so far today though, down just 2 points, or 0.05%, currently.
Be reminded that this is very much a holiday-stricken week, with Thanksgiving coming up tomorrow. Thinner liquidity conditions in the final two days of the week could exacerbate any moves, so it might make things a bit tricky before the weekend.
But let’s clear the final hurdle first with there being quite a number of data releases later today as well. In the US, we will get durable goods orders, weekly jobless claims, PMI data, new home sales, UoM consumer sentiment, and of course the FOMC meeting minutes.
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