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USD: Choppy consolidation - SocGen

In view of Kit Juckes, Research Analyst at Societe Generale, the main FX story is the choppy dollar consolidation.

Key Quotes

“The Minutes do nothing to move the debate. If there's an underlying story it's that where the dollar goes from here, it's less about the US and Fed policy than about what other central bankers do. US steady growth and slow-motion tightening are set to continue. So eyes move to the ECB because along with relief at the rebuttal of European populism, and better growth, the euro's bounce was triggered by expectations of further ECB tapering and more prosaically, higher Bund yields. The current EUR/USD range is only a stepping stone for a move to 1.20 and beyond if 1) the range-trading allows positions to become more balanced and 2) the ECB demonstrates that it is still on a journey to policy normalization, however slow.”

Ethereum Classic - Descending triangle noted

The daily chart of the Ethereum Classic or ETC/USD pair shows the bulls are working hard to avoid a big downside break of the descending triangle patt
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Cautious ECB means EUR/$ to still move lower before moving higher - ING

Reports that President Draghi will not be making any new policy announcements during his Jackson Hole speech next week may have come as a disappointme
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