Dollar continues its rampage ahead of European trading

It’s been a rather straightforward one after Jackson Hole as the Fed’s resolute commitment to fighting inflation is sending the dollar soaring in the aftermath. The theme is carrying over to today with the greenback surging across the board once again. EUR/USD is down 0.4% to 0.9915 while USD/JPY is up over 1% to hit 139.00 for the first time since 15 July:

The pair is now looking towards the July high of 139.38, though it must be noted that the daily closes last month failed to hold above 139.00 in general. As such, buyers may be looking towards a test of 140.00 quickly if we do get to see some firmer pulses on the daily chart. The fact that the bond market is also supportive is a plus for buyers at the moment.

Elsewhere, GBP/USD is cracking to fresh lows since March 2020 as the technical breakdown now opens up the path towards 1.1500 next. The pair is down 0.8% to 1.1650 at the moment.

Against the commodity currencies, the dollar is also enjoying some good moves with USD/CAD holding above 1.3000 to 1.3070 at the moment – its highest since 15 July. Meanwhile, AUD/USD is down 0.7% to 0.6841 as price takes out the swing region around 0.6856-69 and looks poised to head towards another test of the July lows near 0.6700.

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