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Asian markets a mixed bag - MarketPulse
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Asia equity markets are drifting today - MarketPulse
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US Dollar creeps higher pre-FOMC
Posted 2 hours agoSharePrint
US yields give the dollar a slight boost
The US dollar advanced unevenly overnight, as positioning gets rejigged ahead of the FOMC meeting, with short US dollar exposure being trimmed. US 10-year and 30-year yields rose notably overnight for much the same reason, which supported greenback gains. The dollar index rose just 0.05% to 90.89. although the rally has accelerated in Asia, increasing 0.11% to 90.98.
The rise in the dollar index overnight can mainly be attributed to a fall in the Japanese yen, with other index heavyweights such as the euro and sterling almost unchanged. After a dovish BoJ yesterday, the rise in US yields overnight had an immediate impact on USD/JPY, highlighting how sensitive the pair is to the interest rate differential. USD/JPY rose 0.60% to 108.60 overnight, advancing to 108.90 in Asia. USD/JPY has traced out a bottom at 107.50, and a break of 109.00 could see the pair advance to 110.00 once
US yields, oil rise buttress US dollar - MarketPulse
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Every man for himself
US dollar dips, markets eye Powell testimony
Financial markets have an every man for himself look about them today, as various asset classes diverge in their own directions. A combination of tightening yields and the impending two-day testimony by Fed Chairman Powell starting today in Washington DC seems to have provoked differing reactions across different markets.
Despite yields rising once again in the 10 and 30-year tenors, the US dollar fell overnight across the board. Gold rallied impressively as the dollar weakened, and US yields rose, despite that being a repeat of the price action on Friday which it completely ignored. Equities fell on Wall Street, led by the tech-heavy Nasdaq, which endured a torrid day. Oil, meanwhile, rose impressively despite thawing signs in Texas and signs of cracks among OPEC+ on the trajectory of production cuts. Base metals, notably tin and copper, rallied strongly once again. Meanwhile, Bitcoin did what it does, falling 10%