The dollar continues to sit in a good spot on the week, though major currencies are very lightly changed thus far. Here’s a snapshot of dollar pairs at the moment, highlighting the narrow ranges and minor moves ahead of European trading.
It’s still all about the post-election flows in markets but we’re starting to see things cool down a fair bit in the last few sessions. US stocks retreated yesterday and Bitcoin also eased back lower after a failed attempt to hold above $90,000.
10-year Treasury yields also eased a little but are now back up to 4.46%, keeping things interesting at least. In turn, the dollar is still staying underpinned but might be looking to get checked back. EUR/USD got a taste of that after trying a run at the 1.0500 mark yesterday.
For now, the dollar is keeping steadier but just be wary of broader market developments. S&P 500 futures are down 0.6% while 10-year yields are up 2 bps to 4.46%. That is keeping a mixed mood especially with gold lower but also so is Bitcoin, down 0.3% to just under $88,000.
In terms of data releases, we do have a couple to work through in the session ahead. However, they aren’t ones that will matter too much and definitely not ones to shake up market sentiment. The only notable one today will come later in the day, which is the US retail sales data. So, that might make for a bit more pushing and pulling in European morning trade.
0700 GMT – Germany October wholesale price index0700 GMT – UK September monthly GDP figures0700 GMT – UK Q3 preliminary GDP figures0730 GMT – Switzerland October producer and import prices0745 GMT – France October final CPI figures0900 GMT – Italy October final CPI figures
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
This article was written by Justin Low at www.forexlive.com.
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