YCL - Dollar Consolidates Softer Ahead Of Tomorrow's CPI

2024-04-09 08:15:00 ET

Summary

• The dollar is trading with a softer bias in mostly narrow ranges against the G10 currencies.
• Most of the large Asia Pacific equity markets rallied, led by a 1.85% gain in Taiwan and a 1.1% advance by the Nikkei.
• The dollar's high against the yen was set in early North American turnover near JPY151.95.
• After rising to new highs for the year before the weekend, the US dollar consolidated against the Canadian dollar.

Overview

The dollar ( DXY , USDOLLAR ) is trading with a softer bias in mostly narrow ranges against the G10 currencies. It did not rally much ahead of the US jobs data, and it was not able to sustain the upside momentum afterward, despite the jump in US yields. For St. Louis Fed President, Bullard, who still has a strong reputation in the market, told Bloomberg TV yesterday that three cuts were his base case this year. The Scandis and Antipodeans are the strongest today, up about 0.25%-0.33%. The dollar continues to hold below JPY152 barely. Most emerging market currencies are also firmer today. The dollar continues to trade just inside its band against the onshore yuan....

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