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A Traders’ Playbook – is a tactical turn in the USD upon us?
After 11 straight weeks of gains in the USD (DXY index), driven by EURUSD trading into 1.0488, and a key weekly close above the YTD range highs (105.40), we ask whether the dollar can make it a 12th. News that Congress had miraculously pushed out the govt. shutdown for 45 days should be welcomed by risky assets and there is modest gapping risk for the open. Perhaps cynically, the agreement highlights that the US political system is not always completely inept. Also, while we revisit the saga in mid-November, a protracted shutdown, when considered in combination with auto strikes, and student loan repayments would ... (full story)