Fundamental US dollar forecast for today
The correlation between USD and the S&P 500 has recovered and is at the highest level since 2016
When the market is in a game of tug-of-war, there could hardly be such strong moves as there were in the second quarter. Good news from Europe alternates with the gloomy forecast for the US economic recovery, which weighs on the US stock indexes and supports the greenback as a safe haven. As a result, the EUR/USD pair is consolidating in the range of 1.11-1.14, and the Fed should be extremely careful not to scare off investors.
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