2024-02-20 07:55:00 ET
Summary
- The US dollar is offered today and is trading softer against all the G10 currencies.
- The yen, sterling, Canadian dollar, and Swiss franc are still inside last week's ranges.
- Most EM currencies are trading with a firmer bias today as well, led by central European currencies. The Chinese yuan is also slightly firmer after banks cut the five-year loan prime rate by 25 bp.
- Some profit-taking was seen on Japanese stocks. South Korea's Kospi and Australia's ASX also traded off, but most of the other large bourses in the region rallied.
- The STOXX 600 is threatening to snap a four-day advance and is nursing minor losses. US equity indices are trading softer.
Overview
The US dollar ( DXY , USDOLLAR ) is offered today. It is trading softer against all the G10 currencies, with the yen the notable exception, and it is flat. The Antipodean are leading the way, taking out last week's highs, as has the euro. That said, the intraday momentum indicators are stretched as NY dealers return from the long holiday weekend. The Scandis are also trading above last week's highs. The yen, sterling, Canadian dollar, and Swiss franc are still inside last week's ranges. Most emerging market currencies are trading with a firmer bias today as well, led by central European currencies. The Chinese yuan is also slightly firmer after banks cut the five-year loan prime rate by 25 bp. A handful of Asian currencies are softer, including the Thai baht following the Prime Minister's call for a special central bank meeting to cut rates....
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Dollar Slips, But Dip May Offer New Opportunity