USD/JPY on a rip
Is this it? Has the dollar bottomed?
US dollar bulls took an absolute beating in March and April. The Fed piled on with a another dovish statement and the chance of a hike in June is down to 10% in the Fed funds futures market.
What's interesting today is that USD/JPY is rallying even as stock markets suffer. The pair was beaten down to 105.56 earlier and is now nearly 100 pips off the bottom and into positive territory on the day.
USD/CAD, meanwhile is nearly 300 pips off the lows.
There are some very interesting daily charts shaping up that should reawake the dollar bulls.
