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Greenback Holds Losses as Yields Remain Under Pressure

FOREX
  • The greenback trades softer early Friday, with the USD Index remaining under pressure as US yields backtrack. The US 10y yield holds below the 3.10% level, with the moderation in rate expectations this week helped equities off recent lows.
  • Meanwhile, Scandi currencies are inching higher, with the NOK among the best performers following yesterday's sizeable Norges Bank rate hike. Despite the NOK strength, EUR/NOK remains in a decent uptrend, with recent highs at 10.54 still well within range. Trend signals also hold bullish, with the 50-dma forming a golden cross formation at the beginning of last week.
  • JPY trades moderately lower, with USD/JPY circling just below the Y135.00 level following the CPI release overnight. Japanese CPI held at 2.5% on Y/Y basis.
  • The final reading of University of Michigan survey is due Friday, with markets looking to confirm the lofty inflation expectations reading that has become a key factor in Fed policymaking. Any upside or downside surprise here, while unlikely, would be carefully watched by traders. New home sales data also crosses as well as speeches from Fed's Bullard & Daly, ECB's de Cos, de Guindos and Centeno as well as BoE's Pill & Haskel.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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