Forex Flash: Dollar and Yen strengthen on news that the world hasn´t ended – BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts have succinctly noted that the world has in fact not ended and with the failure of Boehner's gambit, barring a last minute miracle, the US will go off the fiscal cliff and into recession.
Elsewhere, they highlight commentary from the Swedish Finance Minister who has sharply revised GDP forecasts lower and followed up with some downbeat comments. In price action, they write, "the dollar is broadly strong against major currencies with the exception of the yen. EURUSD has trended lower but was unable to make a decisive break of the $1.32 level. GBPUSD is holding around $1.6250. USDJPY is modestly lower but still unable to break below 84.0. NZD is under performing on the day, falling to 0.8240 and just at the edge of the 50-day MA. EU periphery yields are as much as 7 bp higher. Global equity markets are broadly lower, with the MSCI Asia Pacific and Euro Stoxx both down 0.7%, and S&P futures pointing to a -1.3%."
Elsewhere, they highlight commentary from the Swedish Finance Minister who has sharply revised GDP forecasts lower and followed up with some downbeat comments. In price action, they write, "the dollar is broadly strong against major currencies with the exception of the yen. EURUSD has trended lower but was unable to make a decisive break of the $1.32 level. GBPUSD is holding around $1.6250. USDJPY is modestly lower but still unable to break below 84.0. NZD is under performing on the day, falling to 0.8240 and just at the edge of the 50-day MA. EU periphery yields are as much as 7 bp higher. Global equity markets are broadly lower, with the MSCI Asia Pacific and Euro Stoxx both down 0.7%, and S&P futures pointing to a -1.3%."
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