Muted Dollar Reaction to Shutdown

This morning, the dollar is slightly stronger, but there has been a muted reaction to the US government shutdown. The dollar index is slightly higher.

The dollar pairs are on the back foot with the EUR/USD sliding more than most ahead of Thursday’s ECB meeting. The euro’s underperformance is causing the EUR/GBP to slip lower again.

The yen pairs are on the mixed as money flows from the yen and into the dollar. The USD/JPY is on the rise, but other pairs are struggling with the EUR/JPY slipping lower again after gapping higher.

Despite the euro plunging last week, the EUR/GBP remains within largely within the trading range seen since the start of October.

A good way to play this is an IN/ OUT trade predicting that the EUR/GBP will close between 0.8850 and a low of 0.8750 within 14 days for a potential return of 145%.

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