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The US dollar index jumped to new two-year highs

USD - United States Dollar

The US dollar index jumped to new two-year highs after a breakdown in the US-China talks and the fresh targeting of Chinese companies by the White House.

The US has sophisticated market participants who are increasingly pessimistic about the long-term outlook. For instance, Goldman Sachs Group, Nomura Holdings, and JPMorgan Chase and Co. are among those pricing in a higher chance of a continued trade war. It seems that both sides will be stuck in a cycle of fighting and talking for a long time.

Key Movers

Market participants in Canada are ignoring good fundamentals. The wholesale sales number in Canada came in at 1.4 percent versus the 0.8 percent forecast, which is 0.2 percent higher than the previous sales number. Higher sales were recorded in six sub-sectors, accounting for 82 percent of total wholesale sales.

At the same time, the EUR/USD pair touched a new two-year low, given the US dollar’s strength.

Expected Ranges

USD/CAD: 1.3462 - 1.3500 ▲

EUR/USD: 1.1137 - 1.1166 ▲

GBP/USD: 1.2638 - 1.2717 ▲

AUD/USD: 0.6878 - 0.6909 ▲

NZD/USD: 0.6495 - 0.6530 ▲