Daily Alert – Tuesday 12th July 2022: Unstoppable dollar

Mark NugentDaily Alert, July 2022

Daily Alert – Tuesday 12th July 2022: Unstoppable dollar

Good morning.

Yesterday was risk-off. Equities moved down slightly, as did the US 10-year yield. The USD continued what seems like its inexorable rise, and the EUR and GBP both fell.

I traded GBPUSD short as it broke down through support and closed on the daily chart. I preferred this pair over the EURUSD as the latter feels a bit like chasing after a bus and trying to jump on. The technical position on the GBPUSD was cleaner and the bus is moving more slowly.

There are no Tier I announcements today. Current sentiment (815 BST) indicates a continuation of yesterday’s risk-off attitude.

I’ll be back tomorrow.

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