
Monday continued the momentum of ‘Trump Trade 2.0’ though several markets are approaching critical levels, DBS’s Senior FX Strategist Philip Wee notes.
DXY nearing a full retracement
“The Dollar Index (DXY) appreciated from 103.4 to 105.5 since the November 5 US election, nearing a full retracement of its 3Q decline from 106.1. EUR/USD dropped below 1.07, closing 0.6% lower at 1.0650 overnight, but is near the year’s low of 1.06 reached in mid-April.”
“USD/CAD struggled to break above 1.3950 this month, with similar resistance for USD/JPY at 154. The S&P 500 Index rallied 5% after the election, hitting an all-time
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