Dollar looking somewhat flat as traders await Michigan data
June 16th - It’s been a relatively quiet overnight session for currency markets leaving the dollar to remain some way off its recent highs. Overall there’s little around to provide any real direction just now – speculation continues as to whether the forthcoming FOMC verdict will be the last rate hike that we see for a while out of Washington – but the Q1 current account balance and perhaps more importantly the Michigan sentiment readings due later may well be able to provide some momentum as the session progresses. Should consumer sentiment appear bullish – perhaps encouraged slightly by the recent dip in oil prices – then the debate about the hawkish stance at the Fed hanging about that bit longer may be ignited again. Arguably however, with the prospect of interest rates across the Atlantic now likely to start converging, the dollar may still be looking a little overvalued against both the Pound and Euro – we’re still sitting some way off the early June highs for both EUR/USD and cable, suggesting that further technical gains wouldn’t necessarily be wholly unsustainable.
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