2024-02-01 08:52:00 ET
Summary
- The Fed Chair's push against speculation of a March rate cut lifted the dollar while weighing on stocks. The greenback remains bid.
- The euro and Australian dollar have been sold through January's lows. The yen is the best performer among the G10 currencies despite the firmer yields.
- Asia-Pacific equities were mixed. Japanese stocks were weaker, but China's CSI 300 eked out a small gain, while Taiwan and South Korean equities advanced.
- Europe's STOXX 600 is threatening to snap a six-day advance.
- US index futures are trading with a firmer bias after yesterday's sharp losses.
Overview
The Federal Reserve Chair's push against speculation of a March rate cut as explicitly as could be imagined at yesterday's press conference lifted the dollar ( USDOLLAR , DXY ) while weighing on stocks. US regional banks sold off sharply yesterday, and challenges emanating from US real estate adversely impacted Japan's Aozora Bank, and Deutsche Bank quadrupled its loss provisions for such exposure. The greenback remains bid. The euro and Australian dollar have been sold through January's lows. The yen is the best performer among the G10 currencies despite the firmer yields. The US two- and 10-year ( US10Y ) yields are up about three basis points to about 4.24% and 3.95% respectively....
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Euro And Australian Dollar Take Out January Lows To Start The New Month