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U.S. Dollar Price Action: EUR/USD, GBP/USD, USD/JPY, Bitcoin, XAU/USD (Gold)
The U.S. Dollar has continued to pull back from the 104.78-105.00 resistance test and that pullback theme is now going on two weeks. The comment from Austan Goolsbee the day after the CPI report echoes what I’ve been referring to regarding Fed-speak, in which the Central Bank hasn’t really seem too bothered by strong U.S. economic data. The next major data item for the USD is the Thursday release of Core PCE. If this comes in below-expectation, it would open the door for bears to make a larger push of USD-weakness as data would start to mirror the recent push from the Fed. At this point, structure on the daily ... (full story)