The dollar weakens to to the Feds shift allowing for a rally in the EUR/USD. Currently hovering around 1.1933 it’s eyeing some resistance at 1.1965 with support seen at 1.1880.
But there is a busy week ahead. Non Farm Payroll week and with the Federal Reserve’s will wait and see how employment number and inflation to run higher before raising interest rates again. This putting a lot of downward pressure on the dollar. All eyes are on the European Central Bank to see if it would follow suit. But what a dramatic turn for the dollar. Falling to levels not seen in 2 years it isn’t looking good in the short term for the greenback.
Trader are looking at Chinese data and the approval of the a COVID-19 vaccine being approved for use.