USD resumes cooling

Despite renewed concern that there will be no Greek deal agreed by end month, the USD saw a net daily decline of -0.2% @ DXY 95.48. The secondary target zone of 92/90 remains very viable, it will likely require some kind of last minute Greek deal. Regardless of the short term, the DXY 120s are coming.


USD, daily2

USD,monthly3

Summary

*I remain looking to go long the USD via UUP in the low $24s. For now, I'm content to wait another few weeks, not least if a Greek deal is arranged around end month.
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Nothing has occurred to change my broader view for King Dollar. It would still seem the USD has built a giant multi-month bull flag, having seen a very natural retrace from the high of DXY 100.71 in mid March.

I am aware of a fair few analysts who note resistance at DXY 105, but really, once we break new multi-year highs, it should be a broadly straight hyper-ramp to the 120s into next year.


Looking ahead

Thursday will see the usual weekly jobs, pers' income/outlays, PMI service sector. 

*two fed officials will be speaking, but I don't believe the issues to be discussed will be relevant.
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Goodnight from London