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4/21/2021 8:09:12 AM GMT | By Pablo Piovano
EUR/USD adds to Tuesday’s losses and approaches 1.20.
The dollar regains some poise along with higher yields.
Rising COVID cases in Asia supports the shift to the risk-off mood.
The single currency adds to Tuesday’s losses and forces
EUR/USD to extend the correction lower to the vicinity of the psychological 1.2000 yardstick.
EUR/USD challenges the 1.20 support
After hitting fresh multi-week highs in the vicinity of 1.2080 on Tuesday, EUR/USD failed to sustain the upside and now slips back to the 1.2000 neighbourhood, all amidst the resurgence of some risk aversion and the subsequent pick up in the demand for the buck.
Procter & Gamble (NYSE: PG), and
Lockheed Martin (NYSE: PG) to begin the week.
Second, we’ve got some closely-watched economic data scheduled for release; it looks like a slow start to the week, but keep an eye on Redbook Tuesday after last week’s strong Retail Sales release. Wednesday, we have the Mortgage Apps, a 20-Year Bond auction, and Crude Inventories. Later in the week it’ll be all about housing data, with Existing Home Sales Thursday and New Home Sales Friday. The weekly Jobless report will also be a focal point, but I feel like the focus has shifted away from the high-frequency weekly data more to the monthly report again. Don t forget, we also have central bank activity: the Bank of Canada Wednesday and the ECB Thursday. The BOC could taper bond purchases, and neither are expected to change lending rates.
4/14/2021 5:32:37 AM GMT | By Pablo Piovano
DXY remains on the defensive below the 92.00 mark.
US 10-year yields accelerate the downside and look to 1.60%.
Fedspeak, Powell, Beige Book take centre stage in the NA session.
The
US Dollar Index (DXY), which tracks the greenback vs. a bundle of its main rivals, extends the downside momentum further south of the 92.00 yardstick.
US Dollar Index weaker on lower yields
The index recedes for the third session in a row on Wednesday, always tracking the downside in US yields. In fact, yields of the US 10-year note navigate the lower bound of the recent range around 1.62% and approach the key 1.60% support.
Mortgage Applications Decline Further, High Costs Constraining Home Sales Apr 14 2021, 8:10AM
Higher
interest rates drove the volume of mortgages applications lower again last
week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a
measure of that volume, decreased 3.7 percent on a seasonally adjusted basis during
the week ended April 9. On an unadjusted basis, the Index was
down 3 percent
compared with the previous week.
The
Refinance Index was 5 percent lower week-over-week and 31 percent below its
level during the same week in 2020. The refinance share of mortgage activity
decreased to 59.2 percent of total applications from 60.3 percent the previous
week. The seasonally adjusted