The US Dollar (USD) trades substantially softer this Monday, touching its lowest level since mid-January, mainly driven by a more than 1% appreciation of the Japanese Yen (JPY) against the Greenback.
The US Dollar trades substantially softer, touching a seven-month low, at the start of the week. The Greenback continues eking out losses after Friday’s turmoil. The US Dollar index trades on the brink of entering the 101-region and might face more downside. The US Dollar trades substantially softer this Monday, touching its lowest level since mid-January, mainly driven by a more than 1% appreciation of the Japanese Yen against the Greenback. .
Hedge funds are always in it to sit on their positions until their earnings projection is met. Seeing that this is just the beginning, and with more and more hedge funds and traders possibly joining this trade, the US Dollar could be set to bleed further. This could mean more downside, and then that 100-level might be showing up quicker than expected.
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