As expected, the USD is continuing to cool, settling the day -0.2% @ DXY 96.89. There is a clear break of the broad upward trend from last May... first downside target are the 93/92s. After a retrace into the summer, the USD looks set to resume higher.. to the 120s.
*the giant monthly cycle is offering the first net monthly decline since May 2014.
USD is cooling... and a retrace into the summer is now well underway. That has broadly bullish implications for equities and most commodities.
Tuesday will see the FOMC meeting begin, along with Case Shiller, Consumer con', and Richmond Fed'.
Goodnight from London