Forex Trading Mind

I wrote a few weeks ago about how President Trump wants a weaker Dollar, and how he waits for moments of technical weakness in the greenback before he aims a few well-chosen words which attempt to incite the market into selling the Dollar.

I wrote a few words in my previous posting about the current controversy in the U.S.A. about the war of words between President Trump and much of the “legacy” mainstream media.

Over the weekend, I was concerned that we would see the Turkish Lira collapse as Forex markets opened for the week. Although the Lira did fall further yesterday to get slightly lower than 7 to 1 U.S. Dollar, it has recovered in recent hours to trade around 6.5.

Looking at my charts of the major currency pairs this morning, it struck me how the British Pound still looked weaker than anything else and had clearly moved down in value since last week’s “hawkish hike” – exactly the opposite really of what “should have happened”

One of the major scheduled releases of last week was the U.S. Non-Farm Payrolls data, which was released on Friday.

Whatever you think of President Trump, he found a way to make a big impact whenever he wants or needs to, by using Twitter.

Although it is strictly true to say that the major movements in the Forex market this week have been driven by the U.S. Dollar, as is typically the case, the major currency which is in the deadlines and which is moving with the greatest strength and volatility is the British pound.

The time has come to have a look at the stock market again, as we saw a healthy rise in the U.S. stock market last week. The benchmark S&P 500 Index is again testing a key resistance level at 2803, and has been in a very slow but surviving bullish trend.