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FOREX
FOREX: DXY does well as US yields creep higher
- The greenback was the best performer Monday, rising against all others in G10
as US yields crept higher across the curve. The move was partly inspired by
markets reversing recent market bets that the Fed could move policy rates into
negative territory at some point in 2021. The move was cemented as Atlanta Fed's
Bostic stated he considers negative rates a weaker tool for managing the
economy.
- USD/JPY's incline managed to take out decent resistance at Y107.50 to counter
the recent weakness, helping boost prices above the Y107.59 50-dma for the first
time since early April. Markets look to top Y108.26 initially before setting
sights on the early April high at Y109.38.
- Inflation data takes focus Tuesday, with data due from China, US and India.
Fed speakers are dotted throughout, with speeches due from Bullard, Kashkari,
Harker, Quarles, and Mester all due. ECB's Stournaras (as well as former
President of the ECJ) speak at an event directly responding to the German
Constitutional Court's decision last week.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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