 Dollar was under pressure most of the week on risk-on sentiments. NASDAQ gapped higher and marched to new record highs. Nevertheless, the greenback staged a notable comeback after combination move by the US administration against the Chinese Communist Party, with bans on TikTok and WeChat, as well as sanction on Hong Kong and Chinese officials. Still, the greenback couldn't take out some near term resistance levels against other major currencies yet. New Zealand Dollar ended as the worst performing one, thanks to cross selling against Aussie. Sterling followed as second and Dollar as third weakest. Australian Dollar was the strongest, lifted by strong rally in iron ore price. Canadian Dollar is the second strongest, as WTI crude oil breaks above key resistance at 42. We'll see if Dollar could finally stage a sustainable rebound this week. |
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