Forex Today: Aussie, kiwi, loonie & yen all rejoice as US dollar succumbs to profit-taking By Frank_Macro DollarIndex USDJPY AUDUSD NZDUSD
The US dollar succumbed to profit-taking on Wednesday as US yields pared back from multi-year highs, burnishing the buck’s investment appeal somewhat.
The hawkish tone to the RBA minutes released earlier in the week plus spicey Canadian Consumer Price Inflation figures released on Wednesday likely helped lift the Aussie and FX strategists noted that while some more profit-taking in the US dollar was certainly possible, with the Fed now very much on autopilot to taking rates to neutral by the end of the year, recent weakness likely won’t be long-lasting. That suggests, at the very least, the recent drop in USD/JPY and rallies in EUR/USD and GBP/USD might not have much further room to run.
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