The US Dollar trades flat on Monday as the economic calendar takes a quieter turn. The Greenbackis firmly up against the Chinese Yuan and the Japanese Yen this Monday. The US Dollar Index trades near 105.00 and could extend its recovery after its slide on Friday. The US Dollar is giving traders some room to digest the recent headlines that came in after the turmoil in Friday’s trading.
Although a near $60 billion in cash got burned, according to Bloomberg, to get USD/JPY from 160.00 to 151.86, it brought the US Dollar Index to the 55-day Simple Moving Average at 104.52. This is the level where Dollar bulls were eager to get in and triggered a firm bounce in both the DXY and the USD/JPY pair, with room for further recovery. On the upside, 105.52 needs to be recovered first through a daily close above this level before targeting the April 16 high at 106.52 for a third time.
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Source: CoinDesk - 🏆 291. / 63 Read more »