Forex Today: US Dollar starts new week on the back foot – by eren_fxstreet Currencies Majors Macroeconomics
The US Dollar struggles to find demand at the beginning of the week withfalling toward multi-month lows near 103.50 after having lost more than 1% on a daily basis on Friday. The market mood remains relatively upbeat after the risk rally witnessed ahead of the weekend and US stock index futures rise between 0.3% and 0.5% in the early European morning. Sentix Investor Confidence and Novemberdata will be featured in the European economic docket.
Following these data releases, the 10-year US Treasury bond yield fell toward 3.5% and lost more than 4% on Friday. Wall Street's three main indexes rose more than 2% and the US Dollar suffered heavy losses against its rivals. According to the CME Group FedWatch Tool, markets are currently pricing in a 75% probability of a 25 basis points Fed rate hike in February, up from 57% early Friday.gained more than 100 pips on Friday and continued to stretch higher toward 1.0700 early Monday.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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