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Consolidative Tone for the US Dollar

Consolidative Tone, US Dollar, Fundamental Analysis, fx trader, forex

The US dollar is trading heavily against most of the major currencies, but the general tone appears consolidative in nature. Despite a disappointing UK manufacturing PMI (53.4, a four-month low), sterling is near a three-week high above $1.2600.

The consolidative tone for the dollar that began last week continues. It has been unable to make much headway this week, except against the yen, despite stronger data and higher yields. Sterling is leading the move with nearly a cent gain against the greenback. The euro is firm with around a 0.3% gain that puts it close to $1.0625. In the emerging market space, Russia and South Africa are ahead of the pack, while eastern and central European currencies benefit from the steady to firmer euro. As expected Brazil cut the Selic rate yesterday and the real is expected to open steady to firmer.

Asian equities advanced, led by the1.1% rally in the Nikkei.  European shares are heavier and the Dow Jones Stoxx 600 is off 0.5%. Energy is the only sector that is higher. MSCI Emerging Market equity index is up 0.2%, fourth gain in five sessions. Bond yields are higher, with European 10-year yields up 2-4 bp, while the 10-year US yield is above 2.40%.

Oil prices are firm after Wednesday's OPEC agreement. Many seem prepared to respect the price action and not resist the higher oil prices...

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