YCL - Greenback Consolidates Last Week's Surge

2024-03-25 08:55:00 ET

Summary

• The dollar is consolidating today. Except for the Swiss franc and Swedish krona, the G10 currencies are showing a slightly firmer tone.
• Emerging market currencies are mixed.
• With the exception of Australia and India, the large bourses in Asia-Pacific fell, with the Nikkei losing almost 1.2%.
• Europe's STOXX 600 is a little softer and has a nine-week rally in tow. It has only fallen in two weeks since mid-November 2023.
• US index futures are also sporting a softer profile.

Overview

After surging at the end of last week, the dollar ( DXY , USDOLLAR ) is consolidating today. Stepped-up verbal intervention by Japan's currency chief Kanda and a slightly weaker dollar fix by the PBOC seemed to take the wind from the dollar sails. Except for the Swiss franc and Swedish krona, the G10 currencies are showing a slightly firmer tone. Emerging market currencies are mixed, with central European currencies leading the advancers. The Taiwanese dollar drew support from last week's unexpected rate hike, but most of the other Asia-Pacific currencies traded with a heavier bias....

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