IYY - Dollar Recovers From Yesterday's Slide But Slumps Against The Yen
2024-06-04 07:45:00 ET
Summary
- The dollar's losses scored after yesterday's disappointing ISM manufacturing report was extended initially in Asia Pacific turnover earlier today before it recovered.
- Indian stocks are giving back yesterday's gains plus today, sliding more than 5%.
- Except for China and Hong Kong, most bourses in the Asia Pacific region fell today.
Overview
The dollar's ([[DXY]], [[USDOLLAR]]) losses scored after yesterday's disappointing ISM manufacturing report was extended initially in Asia Pacific turnover earlier today before it recovered. The recovery has stretched the intraday momentum indicators, warning against expected strong follow-through dollar buying in North America, without fresh impetus. Amid position adjusting and crosses unwinding, the yen is resisting the dollar's recovery and is the strongest of the G10 currencies. A slightly firmer-than-expected Swiss CPI has seen the market shave the odds of an SNB rate hike late this month. This is allowing the franc to recover a little too. The other G10 currencies are lower. Most emerging market currencies are weaker, as well. The South African rand and Mexican peso are off slightly more than 1%. Modi's victory in India seems smaller than it did yesterday, and the rupee is also among the weakest emerging market currencies today....
Dollar Recovers From Yesterday's Slide, But Slumps Against The Yen