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XE Market Analysis: North America - Mar 06, 2020

By: XE Market Analysis

Another day of dollar underperformance, which has been concurrent with a precipitous tumble in U.S. Treasury yields. The COVID-19 virus, while having so far having disrupted some other economies more than the U.S. (China, Japan and South Korea, for instance), is proving to be a leveller of the hitherto relatively robust status of the U.S. Read more

XE Market Analysis: Europe - Mar 06, 2020

By: XE Market Analysis

The dollar has continued to weaken versus most other currencies, correlating with the sharp decline in U.S. Treasury yields. The 10-year T-note yield looks to be on a fast track to catch up with the likes of Bunds and JGB in the negative yielding club, having today printed a fresh record low of 0.815%, dropping some 35 bps since Tuesday, and markedly narrowing the dollar's yield advantage relative to its main peers. Read more

XE Market Analysis: Asia - Mar 05, 2020

By: XE Market Analysis

The Dollar index traded to fresh two-month lows in N.Y. on Thursday, with losses coming on the back of the pricing in of further Fed rate cuts, and Treasury yields diving to new all-time lows. Wall Street gave back Wednesday's sharp gains, as coronavirus fears remained firmly entrenched. Read more

XE Market Analysis: North America - Mar 05, 2020

By: XE Market Analysis

The dollar has come back under pressure versus its major counterparts as the 10-year Treasury yield dropped sharply back under 1.0%. The U.S. currency posted a five-month low against the yen and tracking back to recent trend lows versus the euro, though fared better against the dollar bloc and developing-world currencies. Read more

XE Market Analysis: Europe - Mar 05, 2020

By: XE Market Analysis

Relatively narrow ranges have been seen so far today among the main currencies, which marks something of a contrast by recent choppy standards. The dollar's on-the-fact rebound following the Fed's 50 bp rate cut on Monday, which had been discounted, albeit coming sooner than expected, has run out of steam with positioning in the Fed funds market fully factoring in a follow-up 25 bp easing at the approaching March-18th FOMC meeting, which would wipe out the three quarter-point hikes of 2019. Read more

XE Market Analysis: Asia - Mar 04, 2020

By: XE Market Analysis

The Dollar was fairly steady in N.Y. trade on Wednesday, though had bounced some in London morning trade. The DXY peaked at 97.55 into the open, later settling into a narrow trading band. Sentiment was aided by a better ADP employment report. Risk-on conditions prevailed following Tuesday post-Fed rate cut panic, allowing stocks to rally sharply. Read more

XE Market Analysis: North America - Mar 04, 2020

By: XE Market Analysis

The dollar has found its feet after a phase of underperformance against the euro and some other major currencies. After dipping to fresh lows in the immediate wake of the Fed's 50 bp emergency rate cut yesterday, the narrow trade-weighted USD index (DXY) lifted out of a two-month low at 96.98 to levels around 97.35 in what is shaping up to be the first up-day the dollar index has seen since February 20th. Read more

XE Market Analysis: Europe - Mar 04, 2020

By: XE Market Analysis

The yen has softened and the dollar bloc currencies have firmed. Most other commodity and developing world currencies have also gained. USD-JPY, after initially dipping in early Tokyo trade, which left a five-month low at 106.84, lifted back above 107.50. Read more

XE Market Analysis: Asia - Mar 03, 2020

By: XE Market Analysis

The Dollar index fell to two-month lows of 97.00 from 97.67 at the open. The (semi) surprise 50 basis point emergency Fed rate cut was behind the move. This was the first intermeeting move, and the largest, in over a decade. The new target is 1.0% to 1.25%. Read more

XE Market Analysis: North America - Mar 03, 2020

By: XE Market Analysis

The main currencies have been trading without clear direction, with most of the major dollar pairings holding within Tuesday's ranges. The yen firmed during the Tokyo session, rebounding out of early weakness, while most Asian and developing-world currencies came back under pressure as markets took a more circumspect view of expected global monetary easing, with some narratives questioning the efficacy of such a policy response in the face of travel restrictions and other disruptions from virus containment efforts. Read more

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