© Dukascopy Bank SA
The closing level hit the 110 mark, just above Monday's 109. At the same time, 60% of Dukascopy traders, who participated in the weekly quiz, forecasted the US Dollar to rise in value.
Almost 25% of all votes are located in the range between 110 and 111 marks, meaning that the cross may hover in this region for a prolonged period of time. Speaking about traders' opinions, Jignesh claims "The G7 meetings were largely focused on FX intervention in Japan. Central Banks, namely the fed are not happy with the BOJ intervening in the markets. Over the past 3 weeks the Yen has been the biggest loser against the USD, with the exception of last week where the CHF took the spot by a small margin. This week will be an important week for the pair as it closes out the month, and a further gain could set the tone for the quarter."
© Dukascopy Bank SA