Forex Flash: Dollar extends recovery against most majors – BBH
FXstreet.com (Barcelona) - The analysts at Brown Brothers Harriman note that USD has managed to extend yesterdays recovery against most of the major currencies, but a consolidative tone has emerged and narrow ranges continue to dominate.
They note that the Euro seems to have stabilized between 1.2900-50 against the dollar while the pound continues to hover above the 1.60 level. Yen strengthened again against the dollar overnight to make a decisive break below 82, and the team note that the move lost steam well before threatening the 81.50 area.
Elsewhere, they see that periphery sovereign debt yields continue to decline with Italian 10 year yields falling to their lowest level since 2011. In contrast they note that equity markets have continued their down draftt as the MSCI Asia Pacific fell 0.6% with Chinese stocks under performing again. They note that Euro Stoxx is down 0.4% so far with financial sector shares under performing whilst S&P futures are pointing to a small negative open.
They note that the Euro seems to have stabilized between 1.2900-50 against the dollar while the pound continues to hover above the 1.60 level. Yen strengthened again against the dollar overnight to make a decisive break below 82, and the team note that the move lost steam well before threatening the 81.50 area.
Elsewhere, they see that periphery sovereign debt yields continue to decline with Italian 10 year yields falling to their lowest level since 2011. In contrast they note that equity markets have continued their down draftt as the MSCI Asia Pacific fell 0.6% with Chinese stocks under performing again. They note that Euro Stoxx is down 0.4% so far with financial sector shares under performing whilst S&P futures are pointing to a small negative open.
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