Markets have been slow, as expected, because of 4ht of July holiday in the US. Another reason for some slow moves can be also an upcoming FED minutes, when we may not get any new important policy information as a lot had already been said last week. Powell is hawkish, expecting to raise rates once or twice still in upcoming rate decision this year, but they are curious to see the jobs data this Friday. So actually, markets can be slow even till the rest of the week.
However, from an Elliott wave perspective, we see US Dollar Index in a bearish pattern after a-b-c up, so more weakness is expected, but can be from here or from the 2nd 104 resistance. When/if USD comes down, that's when other majors can fly, especially USD/NZD which appears to be very strong this week.
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If U.S. Dollar Comes Down After Fed Minutes, Kiwi Could Rise
Published 07/05/2023, 04:16 AM
Updated 07/09/2023, 06:31 AM
If U.S. Dollar Comes Down After Fed Minutes, Kiwi Could Rise
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