The U.S. dollar hovered just below recent peaks on Tuesday, as investors turned to this week's Federal Reserve meeting for clues on the policy ...
The U.S. dollar hovered just below recent peaks on Tuesday, as investors turned to this week's Federal Reserve meeting for clues on the policy outlook, while cryptocurrencies pulled back sharply after an attempt to break out of a monthslong range.
Against a basket of its rivals, the greenback was trading at 92.73, not far from an early April high of 93.19 hit on July 21. The dollar has rallied more than 4per cent from 2021 lows of below 90 hit in late May as a decline in U.S. Treasury yields forced investors to cut their short dollar bets.Net long dollar positions flipped to their highest levels in more than 14 months last week, according to latest CFTC data.
"Thus, if euro/dollar breaks below 1.17, there could be large capitulation trades sending the cross to the 1.11-1.13 zone later this year," he wrote in a note to clients. The Fed's meeting comes after a study released last week by the National Bureau of Economic Research showed the coronavirus-induced U.S. recession lasted only two months.
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