On the latter point, the US economic surprise index is sitting negative this year and highlights the struggles faced by the economy - more so than anticipated. That opposed to the euro area economy, which has surprised to the upside instead.
From a technical standpoint, there is little stopping the pair from a potential move towards 1.2000 next. That as the dollar is also getting pummeled across the board against the other major currencies.
And then, you also have AUD/USD which looks poised to try and break out to the upside:
Elsewhere, you also have GBP/USD rising to 1.3750 - its highest since October 2021 with the pair eyeing a potential run at the 1.4000 mark next. So, the struggle for the dollar is definitely rathe broad based.
Looking to the days ahead, we'll also have month-end flows to factor into play. So, just be wary of that. According to Barclays here, the greenback will be in for a rough time in the days ahead if you square that up with the technicals above.
This article was written by Justin Low at www.forexlive.com. Read More Details
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