US CPI came out better than expected last week at 5.0%, so we have seen some USD weakness at the start of the week, but then some of the losses got erased on Friday, after FED officials said that there is room for another interest rate hike. Dollar recovery can also cause a new resistance for the SP500, while VIX is at the lower side of 2022-2023 range. A sharp drop on Aussie from 0.6805 suggests that the pair will see more weakness ahead as wave C can be finished. Even metals are turning down for a correction it seems, so more weakness can be coming on some of the commodity currencies.
Best regards,
Grega
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