Summary

• The US dollar falls from its past week's highs despite oil rising, with traders getting ready for a busy FOMC week.
• FX market correlations with oil are slowly breaking as the conflict resolution remains in a chaotic fog.
• Testing the 200-day MA, it will be interesting to see if buyers head back into the currency to retest the weekly gap. Failing to do so points to further mean reversion to the downside.

By Elior Manier

The US dollar is aggressively backing down from its recent highs, ignoring a fresh surge in crude oil as traders brace for an important FOMC week (and don't forget tonight's Bank of Japan

821 Followers