The dollar has begun the new week, which could see US steel and aluminum tariffs announced Wednesday, softer, but mostly consolidating within the pre-weekend range.
Stock markets remain mostly weak, especially in the USA, as the ongoing trade war involving the USA is still unresolved, with new tariffs here to stay at least for the time being.
That was one for the books—a week where markets whipsawed between panic and less panicked, leaving traders dazed and scrambling to make sense of the shifting macro landscape.
The euro was the strongest major currency last week, while the US dollar was the weakest. Volatility increased during this period, as 70% of the most important Forex currency pairs and crosses changed in value by more than 1%.
The US dollar fluctuated wildly against the Canadian dollar during the previous trading week, and I think that will continue to be the case in the coming days. After all, there has been a rise in discussion about tariffs and their potential danger.
Non-commercials just switched to net long e-mini S&P 500 futures after remaining net short for 14 weeks in a row. They are likely to do well on this switch – at least near term.
A pretty strong bearish signal - the monthly time frame shows us we are currently inside the bearish breakout, but we have several weeks until this month closes.
