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These are the 3 Factors Driving the Forex Market Right Now

Posted by TopstepFX on January 31, 2018

Until we figure out what’s driving the U.S. Dollar, we anticipate the following three themes will dominate trading in 2018: economic growth, global central bank policies, and global geopolitical uncertainty.

Economic Growth

Things are going well in the global economy 10 years after the Great Recession. The Federal Reserve expects the U.S. economy will grow at 2.1% in 2018, down slightly from growth of 2.4% in 2017.

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Topics: Forex, US Dollar

What Happened to King Dollar?

Posted by TopstepFX on January 29, 2018

Everyone thought 2017 was going to be the year of King Dollar. Following President Donald Trump’s election on November 8, 2016, the U.S. Dollar (USD) rallied more than 4.5% against the Euro (EUR) — gaining from 1.1018 to close 2016 at 1.0521. 

But that U.S. Dollar rally quickly fizzled. EUR/USD reached its low (1.0340) on January 3. Through the rest of the year, the Dollar lost 16%, closing at 1.2018 on December 29.

What happened? Not only did the Dollar abruptly turn in its tracks, but that turn came despite the fact that the Federal Reserve remained the only central bank taking a prolonged tightening stance throughout the year.

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Topics: Forex, US Dollar

'Extremely' Important Change Sends U.S. Dollar to 3-Year Low, Here's Where it May Go From Here

Posted by TopstepTrader on January 24, 2018

"A weaker Dollar is good for trade." That is something that economists and market participants know.

But it's not something that you usually hear coming out of the mouth of the U.S. Treasury Secretary. In fact, the Treasury Secretary for decades has repeated some version of the phrase: "A strong Dollar is in the best interests of the United States." 

Hearing this morning's comments from Treasury Secretary Steven Mnuchin completely shook up the market - and added gasoline to a year-long explosive move lower in the U.S. Dollar. Here's why.

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Topics: Forex, US Dollar

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