The US CPI data this morning pushed the dollar higher, AND now the crummy 30-year bond auction has exasperated the push higher in the greenback sending major currency pairs against the US dollar through technical levels in the process.
Bond yields are higher. Stocks are lower.
In this video, I look at some of the major currency pairs from an updated technical perspective including the EURUSD, USDJPY, GBPUSD, USDCAD, and AUDUSD. Each has their own story but each foreign currency is losing out to the stronger US dollar.
Buyers of the US dollar earlier today are benefiting from the greenbacks sharp move to the upside, but what next? What might turn the dollar buying around? What are the next targets that we give you additional comfort in the “buy dollar” bias?