Markets can be volatile this week as US debt limit negotiations are ready to resume today. Then we have the EU PMI data tomorrow, followed by the RBNZ rate decision, FOMC meeting minutes and important UK CPI data on Wednesday. For now the USD remains strong, showing a clear uptrend on the hourly DXY chart where we track a bullish impulse that should resume after the current wave four set-back. Support is at 102.60/103 from where we will look higher, so at the same time other XXX/USD pairs can drop. We see kiwi forming an interesting recovery; a clear corrective rally after that shape leg down from May highs so I think that new sellers may show up this week, possibly after RBNZ rate decision.
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Best regards,
Grega
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