Forex Flash: Financial markets are lacking conviction - Wells Fargo
FXstreet.com (Córdoba) - The US dollar is weaker overall, although foreign exchange markets have started the week on a somewhat mixed note, according to the Wells Fargo team.
"The euro is up against the greenback, dragging the Swiss franc higher as well", they say. "There are however no headlines underlying the single European currency's move, while the euro is also trading within familiar ranges".
"Overall, one gets a sense that financial markets are lacking conviction, with European equity markets broadly flat and U.S. equity futures pointing to a softer open. Italian and Spanish bond yields are lower today, but once again those declines are modest", Wells Fargo adds. "We are essentially neutral on FX markets for the very near-term, primarily awaiting new developments from Europe".
"The euro is up against the greenback, dragging the Swiss franc higher as well", they say. "There are however no headlines underlying the single European currency's move, while the euro is also trading within familiar ranges".
"Overall, one gets a sense that financial markets are lacking conviction, with European equity markets broadly flat and U.S. equity futures pointing to a softer open. Italian and Spanish bond yields are lower today, but once again those declines are modest", Wells Fargo adds. "We are essentially neutral on FX markets for the very near-term, primarily awaiting new developments from Europe".
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