The greenback, tracked by the US Dollar Index (DXY), has managed to bounce off daily lows in the 93.70/65 band and is now hovering over the 94.00 handle.
The index is now extending the recovery to the 94.00 neighbourhood backed by another up tick in yields of the US 10-year benchmark, which are trading in the upper end of the range around 2.41%.In the meantime, the upbeat tone remains intact around USD following another record high in US stocks.
Additionally, investors stay vigilant on the imminent announcement by President Trump of Yellen’s successor at the helm of the Federal Reserve, with (hawkish) candidate J.Taylor still being the front-runner ahead of FOMC’s (dovish) J.Powell and former FOMC Governor K.Warsh (centrist/hawkish). In the US data space, Markit’s advanced manufacturing PMI is expected at 54.5 for the current month, while services PMI is seen at 55.9, both print surpassing initial estimates. Later in the session, the American Petroleum Institute (API) will publish its weekly report on US crude oil supplies.
No comments:
Post a Comment