The USD continues to slide, net lower for the fourth consecutive week. Primary target zone of the DXY 93/92s is now being hit, with the secondary target of 90/89 seemingly probable by mid June. Regardless of where the USD floors within the near term... the 120s are the grander target, and that is indeed a very long way higher.
USD, monthly3, with outlook
It is pleasing to see the first target zone already effectively hit.. and it is still only early May.
A 1-2 week bounce is possible at any time - back to the DXY 95/96s... but in any case... it would now seem the secondary target zone of 90/89 is probable in this retrace from the recent peak of 100.71.
China still cooling
A second day lower for the Shanghai comp'...
The SSEC looks set for the 4K psy' level within the near term.. it should hold there, before an attempt to break new highs in June/July.
Thursday will see the usual weekly jobs, and consumer credit (3pm).
Market will likely see continued underlying weakness, ahead of the Friday monthly jobs data.
Goodnight from London