If you do not think the news matters then see the markets and the dollar have reacted this week

There are many out there who simply look at charts and and technical levels and pay little attention to the fundamentals or the news flow that impacts the markets. That especially applies to so much of what is covered here. As far as fundamentals are concerned it focuses on interest rates and bond yields and a lot of other moving parts. Look how gold reacted to the shunt higher in US yields yesterday and the USD/JPY too. Let us not forget the reaction in the GBP/USD and the EUR/USD. Perhaps most of all that news halted the record run for US stocks in its tracks. So, when people out there tell you the news does not matter, please remember that it does. Here is classic example from back in January 2015, when the SNB announced the abandoning of the EUR/CHF peg. That news delivered a move of more than 40% in  very short order. You saw how the USD/JPY has reacted to news of BOJ intervention in more recent times, and when stuff like that happens you can forget the charts, because they do not matter; the herd takes over and blows the technicals out of the water. That said, I am a great believer in technicals and charts, but not on their own, you need to know what is driving the price action. The dollar is higher right now because of the news yesterday and not the charts and I want to be clear about that