With every tick lower in the U.S. dollar, investors are wondering if the greenback has peaked. After a tremendous rally in 2016, the mighty buck has struggled to extend its gains and is fumbling hard at the start of this new trading week.
With no major U.S. economic reports scheduled for release until Friday, traders are taking their cue from yields. Ten year Treasury rates dropped 5bp today causing the dollar to fall against most of the major currencies. Sterling was the only currency to face greater selling pressure than the greenback and that was due entirely to the country specific Brexit concerns.
Corrective forces may have taken over but it is still far too early to describe the latest pullback in the dollar and USD/JPY in particular as a peak. Last Friday’s jobs report has been viewed positively by all of the U.S. policymakers who have spoken since the release.
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