It's never a dull day with Trump in charge but if you missed the headlines, you'd be thinking major currencies didn't do all too much in the past day. After all the drama about maybe firing Fed chair Powell, we're back to square one again in terms of markets moves relative to a day ago. However, make no mistake that the dollar and broader markets were sent for a ride on the headlines yesterday:
Trump asked GOP leaders if he should fire PowellBloomberg: Pres Trump likely to fire Feds Chair Powell soonTrump: Fed Chair Powell is too late, but he does not planning on doing anythingTrump’s Fed feud escalates: Powell stays, for nowAnyway, back to the expiries. After going through that dramatic sequence, the dollar is back to more or less where it was yesterday. And so, that means not doing all too much after the gains in the previous weeks. EUR/USD will see large expiries at 1.1600 and 1.1650, likely to keep price action in a bind before rolling off. That especially with the 100-hour moving average at 1.1655 also helping to cap any upside. As such, the path of least resistance is still lower for now.
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