Watching the Ryder Cup last night was a nervy one if you’re on the European side like me. The US looked down and out until a turn of momentum came around leading to a bit of resurgence from the US. Is the same for the currency?
The USD looked very much down and out, but according to the currency strength meter it’s making a resurgence.
Let’s take a look at what to watch.
Strong Currencies
My currency strength meter highlights these currencies as the strongest as of last week:
USD: Thursday was a key turning point for the USD, with strong numbers out of GDP, Core PCE Price Index and Unemployment claims. This saw many USD pairs change trend hence the scoring.
AUD: Despite coming in lower this week the AUD remains strong at +5, but this also could suggest a reversal so remain vigilant on this one.
Weak Currencies
Looking at the opposite side of the strength meter now, these are the weakest of last week:
NZD: The kiwi remains the weakest now at -5 in a key reversal zone, but the reversal doesn’t look on just yet.
GBP: Weakness in the GBP is starting to float through, you can see this on EURGBP as the market breaks the key 0.8700 level.
Markets to watch
Based off of the above these are the currency pairs on my trading watchlist:
Bullish | Bearish |
AUDNZD | NZDUSD |
GBPUSD | |
GBPAUD |