Daily

Daily Currency Market Update:


HIGHLIGHTS:

The dollar index versus a basket of six major currencies was little changed at 96.912 after rising more than 0.3% overnight. The index had dropped to 96.405 on Friday, its lowest since mid-April , following a sharp decline in long-term U.S. Treasury yields, which fell to near two-year lows last week after a soft U.S. jobs report bolstered expectations for an interest rate cut by the Fed. The euro took a hit after U.S. President Donald Trump said on Wednesday he was considering sanctions over Russia’s Nord Stream 2 natural gas pipeline project and warned Germany against being dependent on Russia for energy. Sterling slipped as British lawmakers on Wednesday defeated an attempt led by the opposition Labour Party to try to block a no-deal Brexit. “Thanks to the poor performance of European currencies, the dollar has managed to rise although the latest inflation data enhanced Fed rate cut expectations,” said Takuya Kanda, general manager at Gaitame.Com Research Institute. “The market now considers monetary easing by the Fed as a foregone conclusion. At the end of the day, the dollar will still remain a relatively high yielding currency even after a rate cut or two.” Data released on Wednesday showed U.S. consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy increased pressure on the Fed to lower interest rates this year.

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