Dollar lower on fresh Mnuchin comments, intervention looms

Jarratt Davis

Special Consultant to the FPA
New York Session Sentiment Report

During today's London session, the market's primary focus continues to revolve around USD with more comments from US Treasury Secretary Mnuchin who stated that he believes Trump shares his relaxed view on USD. The statement follows from his comments yesterday that he believes a weaker dollar is good for trade, resulting in DXY briefly falling below the 89.00 handle during the Asia-Pacific session. USD has since pulled off of its worst levels with talk of potential intervention by authorities in USDCNH and USDJPY although the market's overall bias clearly remains to the downside.

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