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USDOLLAR is having a brutal week after Tuesday’s emergency rate cut by the Federal Reserve – with markets expecting another 50 basis points cut on the bank's March 18th meeting.
Carry trades unwind and the index breaks below 12.250, which exposes last month lows (12.200), closely followed by December’s low (12.181).
Technically speaking these levels appear distant as it trades to extremely oversold territory. As such it could react back towards 12.271, but a massive catalyst would be required in order to challenge today’s high (12.300).
USDOLLAR is having a brutal week after Tuesday’s emergency rate cut by the Federal Reserve – with markets expecting another 50 basis points cut on the bank's March 18th meeting.Carry trades unwind and the index breaks below 12.250, which exposes last month lows (12.200), closely followed by December’s low (12.181).
Technically speaking these levels appear distant as it trades to extremely oversold territory. As such it could react back towards 12.271, but a massive catalyst would be required in order to challenge today’s high (12.300).
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