US dollar mixed at beginning of the holiday week

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Monday, Apr 10 2017

US dollar mixed at beginning of the holiday week

The US dollar is narrowly mixed after a brief attempt in Asia to extend its pre-weekend gains fizzled, and a consolidative tone has emerged. Once more the market reaction to a geopolitical shock has been fleeting and the safe haven bid has unwound. Market sentiment is looking more positive today with Treasury yields higher whilst the dollar and equities are also moving positively. Driven also by an uncertain reaction to a mixed Non-farm Payrolls report on Friday, a change of near term market direction is now threatening.

The safe haven of US Treasuries had looked previously to be in demand, however this move is unwinding. Into Monday morning the 2 year Treasury yield is up towards 1.340% again and the 10 year yield is also looking to push higher from Friday’s remarkable one day turnaround (which was arguably a bullish engulfing and a false downside break of the old range low at 2.300%). With Treasury yields pulling higher again, the US dollar has started to also find some strength again and is looking to test some key levels on forex majors now.

More in this category: « Sentix Investor Confidence indicator shows growth NAB Business Confidence fell to 6 »

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