Daily FX strategy for USD

Quotes from Lloyds Bank: -There were plenty of reasons to retain a USD positive stance yesterday. The June trade data suggested an upward revision to Q2 US GDP to maybe 4.5% annualised, the comments from Fisher overnight encouraged the view that the Fed was turning more hawkish, and weak data from Europe as well as continuing geopolitical concerns both weighed on the EUR and provided some reason for traditional safe haven support for the USD. -But in practice, USD gains on the day were quite modest with losses against the JPY and CAD offsetting gains elsewhere.This may signal that the market will take some more clear-cut evidence to extend long USD positions. It is hard to argue for a major USD correction from here, given the lack of significant US data today, but a more neutral tone may be seen, with the focus more on the EUR around the ECB meeting.

Source: FxWire Pro