Pressured by declining US Treasury yields, the US dollar Index (calculated by factoring in the exchange rates of six major world currencies) extended losses Tuesday, shaking hands with its lowest level in three weeks at 95.95.
Sterling marginally breached 1.31 to the upside Monday and tested February’s opening level plotted nearby at 1.3108 (H4), following news UK Labour would support a second referendum should the Brexit deal be rejected this week.
Worries in the German business world continued to grow Friday, following the ifo Business Climate Index falling from 99.3 points (seasonally adjusted) in January to 98.5 points in February.
The euro concluded the day unchanged between the 1.1366 highs and 1.1320 lows, and weathering mixed Eurozone flash PMIs and disappointing US durable goods orders.
EUR/USD: The EUR/USD observed a sharp change in mood following the release of Wednesday’s Federal Open Market Committee’s (FOMC) January meeting minutes. Several officials saw a 2019 rate hike as a possibility if the economy remains on track. Although rising to a weekly peak of 1.1371, the pair turned southbound from the yellow zone marked … Continue reading Thursday 21st February: French, German & Eurozone Flash PMIs on the radar in early London
