Free Trial

Bout of Dollar selling leaves market at.......>

FOREX
FOREX: Bout of Dollar selling leaves market at crossroads
- Markets traded with a thoroughly risk-off tone throughout the European
morning, with the USD holding gains and the JPY remaining bid. The move in the
greenback, however, partially reversed as the break of major levels in the US
yield curve sapped strength out of the greenback. The US 10yr yield equalled
alltime lows printed in 2016 as the whole curve took a large step lower.
- Further reports of new Coronavirus cases being reported in Italy, Spain,
Switzerland and elsewhere prompted new waves of risk off, which again weighed 
heavily on equities.
- GBP traded well, outperforming all others in G10, helping GBP/USD narrow the
gap with 50-dma resistance. Caution remains, however, evident in just how
rangebound EUR/GBP remains ahead of the beginning of EU/UK Brexit negotiations.
Mandates published Tuesday provided few surprises.
- Once again there's relatively little data due Wednesday, with US new home
sales the only tier 1 release. ECB's Lagarde, Holzmann, Panetta and Makhlouf are
scheduled to speak.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.