Rise as the fallout cripples the global economy. Avoid itsbe forced to growth targets for the year. Shery lets get a quick check of the markets. We are seeing u. S. Futures rising a 10th of 1 . This after u. S. Stocks fell for the first time in three days. We have a mixed corporate bag of earnings. Not to mention worsening economic data. U. S. Companies cutting a record 20. 2 million jobs in april. Tone comingsk off from increased coronavirus cases and deaths in italy and new york. 10 year yield at the highest level in three weeks. The u. S. Has increased the amount of debt plans to issue in quarterly refunding options. We have the s p 500 falling 7 10 of 1 . Utilities and Energy Leading the decline. Lets take a look at what oil is doing. It is rebounding. 2 . Er than higher by this after snapping a five day rally on supply glut. Saw data showing u. S. Gasoline demand is steadily recovery. Lets turn to our top story, the war of words between china and the u. S. Intensify yet again with
Aggressive policy, stocks get a boost. Sellers deal. Ab inbev of is selling carlton united for a 11 billion. And an ipo of its remaining asian unit is still in the cards. And a downed drone. Oil snaps several days of losses after President Trump says the u. S. Has downed an iranian drone. Matt, good morning. Matt we are less than 30 minutes away from cash trading across europe and in the u. K. Take a look first at the 10 year yields. A big debate today about whether the fed rate cut, almost a foregone conclusion, will be 25 basis points or 50. As a result, the yield continues to come down. Up a little bit today. Still, if it is a 50 basis point cut, expect to see the yield fall further. Look at futures. European equity Index Futures pointing up. Dax futures gaining. Cac and ftse gaining also. the markets have faith in the original statements from william. The asian equity market getting a boost from officials despite the walk back. The market buying into the idea that perhaps there is
February 11, 2021
Daily FX Market Roundup 02.11.2021
By Kathy Lien, Managing Director of FX Strategy for BK Asset Management
• #USD Rebounds as Stocks Wobble
• #AUD Soars on Higher Inflation Expectations
• #CAD Unchanged as Oil Snaps 8 Day Rally
• GBP Retreats Ahead of Q4 GDP
• Happy Lunar New Year!
At the beginning of the year, the U.S. dollar hit a bottom and it hasn’t revisited those levels since January. However sentiment is shifting with the dollar pulling back this week. Much of that has to do with the persistent strength of U.S. equities but as stocks consolidate and the gains moderate, investors are wondering if the bubble is beginning to deflate. This is important for currency traders because a large part of the dollar’s decline in 2020 was tied to the strength of equities. If stocks are at the cusp of a deeper correction, the dollar would be prime for a rally.