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Hardy: How best to trade USD at this time of uncertainty

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Saxo's John Hardy says the US dollar is in a pivot area. Following last week's FOMC meeting, it had been consolidating. But after Tuesday's US CPI figure, it appeared to return to strength. Hardy says it's still too early to say if this is the case.

He says if you choose to trade, it's important to limit the risk reward. The Aussie Dollar hit a two month high on Tuesday. So Hardy has has been looking at shorting AUDUSD below 0.79 with a tight stop. If there is no follow through and it closes above 0.79, he says there may be the possibility of a long trade in coming days.

As for EURUSD, John says it's confronting the 1.10 area which it tried to cross yesterday but was pushed back. Despite stronger than expected German IFO business sentiment data (107.9 for March), he says it's questionable how much the market puts on these figures. US data is still more interesting, he says.