ByScott Andrews
APR 26, 2021
USD index 26 04 2021
The US dollar saw a break down through the 91 level getting down to 90.80 as equity markets moved higher after a revised capital gains tax to around 30% instead of the original 42%. The daily candle closing on Friday is particularly bearish and I will be looking for a sell trade if price can rise and reject the 91 level again today with a take profit being at 91.60 and stop loss at at 91.10.
On watch this week is Wednesday evening with the Federal Reserve interest rate decision at 6 pm Singapore time (GMT + 8) then the press conference at 6 30 pm. Previous commentary by both Jerome Powell and Janet Yellen has been very dovish on keeping a inflation pressure narrative at by and with the 10 year bond yield back at 1.53% more selling of the US dollar is likely.
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