AFMC - U.S. Tech Sell-Off Challenges Risk Appetites Ahead Of The FOMC
2024-01-31 07:10:00 ET
Summary
- With US high-flying tech stocks posting steep losses after disappointing earnings reports, the currencies most sensitive to risk-appetites, the dollar bloc and the Norwegian krone are the weakest.
- China's January PMI showed a small gain, but nothing that will turn sentiment around.
- The US dollar appears to have put in a bearish double top pattern against the Canadian dollar.
- Mexico's Q4 23 GDP disappointed with a 0.1% quarter-over-quarter expansion.
Overview
Ahead of the US Treasury's quarterly refunding announcement and the outcome of the FOMC meeting, the dollar is trading higher against all the G10 currencies. With US high-flying tech stocks posting steep losses after disappointing earnings reports, the currencies most sensitive to risk-appetites, the dollar bloc and the Norwegian krone are the weakest. Emerging market currencies are mixed. The South African rand, Philippine peso, and Hungarian forint lead the advancers. The Czech koruna, Taiwanese dollar, and South Korean won are the laggards, off around 0.4%-0.5%....
U.S. Tech Sell-Off Challenges Risk Appetites Ahead Of The FOMC