Australian dollar decline nears a full cent at 0.6550

AUDUSD 15 mins Sept 23

The dollar is an absolute freight train at the moment and given the mood in markets, there’s no obvious catalyst to halt it.

What I am hearing is increasing talk about FX intervention. I highlighted earlier this week that the last two big USD cycles didn’t end until central banks started intervening. The dollar’s special place in the FX market can be self-sustaining in a recessionary environment and that environment looks increasingly likely.

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