The dollar has been steady-to-firmer in early week trade so far. EUR-USD sank to a nine-day low at 1.1380 during the Asia session, with subsequently price action remaining heavy as forays above 1.1400 fail to sustain. The soft headline but strong components of the U.S. jobs report has continued to be digested by markets, which we think should give the Fed sufficient reason to hike rates at the June FOMC, although this view is an outlying one, with Bloomberg calculating 8% odds for a 25 bp rate hike in June. Strong German factory orders data today hasn't had much bearing on the euro.
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