Short-term USD weakness remains a buy opportunity – InvestingBetter

FXStreet (Barcelona) - Alpesh Patel of InvestingBetter, believes that further weakness might be seen in the USD in the short-term, but the drop in the greenback remains a buy opportunity for the longer-term.

Key Quotes

“Further gains for the major European currencies against the US Dollar as the retreat of the US currency continues for a third day. Both the Euro and the Cable extended their correction to the upside on the back of another round of weaker or rather mixed economic reports from the US that have allowed traders to reap short-term gains.”

“Market participants are reluctantly voicing their doubts on whether the Fed will keep their tightening agenda intact in light of the recent weakness in the data coming out of the domestic economy.”

“However we have made our case about that in our previous reports and we continue to believe that even though we could see some further weakness in the short-term the broader sentiment is in favour of the US Dollar and these fresh peaks are good opportunities to buy for the longer term.”