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We’re going again to a well-recognized theme in markets right this moment, that being purchase the greenback, promote all the pieces else. This comes as we see merchants digest the happenings this week and lean in direction of the opportunity of a extra hawkish/aggressive Fed. USD/JPY is now inching simply above 135.00 as 10-year Treasury yields are threatening to maneuver above the December highs of three.90%:
Regardless of the dip shopping for in equities this week, which lastly relented yesterday, it appears to be a case the place the bond market will get it proper as soon as once more. Treasury yields have been trending increased by way of the week and have continued to drag increased after bond sellers drew the road when yields pushed up towards the 200-day shifting common (blue line).
The greenback is continuous to remain perky in the intervening time, maintaining on the highs towards the euro, yen, franc, aussie and kiwi whereas sustaining features towards the rest of the key currencies. This comes as equities proceed to remain pressured with S&P 500 futures nonetheless down 28 factors, or 0.7%, at present.
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