The buck is in retreat as US yields fall
Once upon a time better growth forecasts were good for a currency but not today. US 10yr yields hvae slippedto under 2.34% after dozing around the 2.36/2.37% area.
That’s helped to give the dollar a shove down with USDJPT now down to 112.15 from 112.40.
EURUSD has nudged into 1.180, and cable is feeling out 1.3200 again. Tax chatter is getting the blame for a lot of this as more wars of words kick off around Trump and whether he’ll get the votes for his tax plan. Never a dull moment eh?
Should support into 112.00 not be sufficient to hold this move, 111.75/80 might offer a bit more. Resistanceinto 112.30/40 is now likely to show up.
- Kyle Bass and the HKD story - July 10, 2020
- What’s it going to take to break USDJPY out of its box? - July 7, 2020
- Here’s how the ForexFlow traders get ready to trade today’s US NFP - July 2, 2020