Forex Today: The rally is finally here, and the Dollar knows it – by MSalordFX DollarIndex Currencies NFP Macroeconomics EURUSD
The US Dollar Index suffered its worst decline in months, falling from 104.50 to 103.50. The US 10-year yield dropped for the fifth consecutive day, settling at 1.59%, the lowest since May 18. On Friday, the May jobs report is due, with consensus pointing to an increase in payroll by 190K, compared to 253K in April. These numbers will be closely watched. Even a positive report may not help the Dollar if upbeat sentiment continues to prevail.
EUR/USD extended its rebound from monthly lows, breaking above 1.0750. Eurozone inflation numbers point to a slowdown in inflation. However, ECB President Lagarde said that more rate hikes are on the way.Following the marked decline in energy prices, a correction is now also emerging in food prices, which had previously risen sharply. Even more important from the ECB's point of view, however, is the fact that underlying inflation has probably passed its peak.
The pound continues to be among the top performers of the week, with the Bank of England under pressure to do more to curb inflation in the UK.rose for the fourth consecutive day, posting the highest daily close since May 10 and trading comfortably above 1.2500. The Japanese Yen performed well on Thursday, despite the rally in equities, driven by falling government bond yields. USD/JPY dropped for the third consecutive day, bottoming at 138.42; the pair so far lost 180 pips this week., with both pairs having their best day in weeks, rising to 0.6570 and 0.6070 respectively. In Australia, the Fair Work Commission will announce the Annual Wage Review on Friday. , which gained more than 3%. The pair bottomed at 1.3435, the lowest in two weeks.
Emerging market currencies rallied against the US Dollar, with the exception of the Turkish lira, which hit fresh record lows with USD/TRY rising above 20.80.failed to benefit from a weaker US Dollar and positive investor sentiment. Bitcoin lost ground, falling to $26,870, while Ethereum traded flat around $1,870.
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