US Treasury yields slumped on Wednesday after the latest batch of data showed the US economy weakening further, prompting renewed recessionary fears. Get your market update from nickcawley1 here:
remains pointed to the downside and this is unlikely to change. While the greenback may see a period of consolidation over the short term, with bond yields falling and the small possibility of rate hikes being paused next month, the overall outlook for the US dollar is lower. Even if the Fed hikes rates by 25 basis points at the next two FOMC meetings, this is unlikely to be enough to bolster the greenback.
Recent commentary from ECB board member Klaas Knot suggested that the central bank will not stop with just one 50bp rate and that ‘multiple 50 basis point hikes’ are needed. This will widen the yield differential between the US dollar and the Euro further, to the detriment of the greenback.yesterday touched and rebounded off horizontal support from the May 30 low, a level we identified recently as short-term support.
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