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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

XE Market Analysis: Europe - Mar 03, 2020

By: XE Market Analysis

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

XE Market Analysis: Asia - Mar 02, 2020

By: XE Market Analysis

The Dollar index fell to levels last seen on January 16, bottoming at 97.18 in afternoon trade. Prospects for a Fed rate cut, as soon as the March policy announcement on March 18 have weighed on the USD for the past couple of weeks, with futures now pricing a 75% chance for a 75 bp cut this month. Read more

XE Market Analysis: North America - Mar 02, 2020

By: XE Market Analysis

Currency markets have remained skittish, as have global financial markets generally. Stock markets mostly rose in Asia only to mostly decline in Europe. The safe haven yen rebounded some during the London morning session after losing ground in Tokyo trading, while the dollar bloc and other currencies with higher beta characteristics came back under pressure after rallying in Asia. Read more

XE Market Analysis: Europe - Mar 02, 2020

By: XE Market Analysis

Some respite from virus anxiety and a partial unwinding in risk-off positioning saw the yen weaken and the commodity bloc and other currencies with higher beta characteristics rebound. Amid this broad theme was a continued outperformance in the euro versus most of the other main currencies, outside the dollar bloc. Read more

XE Market Analysis: North America - Feb 28, 2020

By: XE Market Analysis

The yen has remained underpinned by safe haven demand, with coronavirus anxiety at fever pitch. USD-JPY dove more than 0.6% in printing a 24-day low at 108.51. EUR-JPY fell over 0.8% to a three-day low at 119.68. AUD-JPY, widely seen as a forex market barometer of risk appetite and a liquid currency proxy on China, dropped for a seventh consecutive day, and by the biggest amount over this period, of more than 1.5%, in making a six-month low at 70.83. Read more

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