US Dollar Correction at Hand or Just End-of-Month Adjustment?

The key question facing the foreign exchange participants is whether the dollar’s bounce into the end of May is the beginning of a more sustained correction after falling for two months or simply a pause in the selling pressure. As we have noted before, short-term trend changes are common around the end of months and the US employment report, typically the first Friday of the new month. Our review of several dollar pairs’ technical condition suggests a good chance that the greenback’s recovery carries into early June activity even though its initial gains ahead of the weekend were quickly pared. Without stronger … (full story)

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