With a rate hike coming out of the U.S. basically being completely ruled out for the remainder of the year at the very least, there is little reason to own the USD right now, unless panic sets into the global markets. If there is even the slightest risk appetite out there, the USD will depreciate.
I bought the AUD/USD this past hour is the hopes that it will continue its bullish trend, which has been in effect since the beginning of the year. I'm risking 100 pips with a potential reward of about 700 pips, based on the previous high off the weekly chart (shown below).
Wednesday's retail sales numbers have modest to weak expectations, Thursday and Friday's CPI, Industrial Production and U. of Michigan Confidence reports also do not show any promise of bringing the USD higher. However, these reports should bring some momentum to the forex world and, hopefully, push my positions in the right direction.
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