US Dollar sells off as US equities stage a comeback following last week’s equity prices decline where prices went to levels last seen in 2016. The sell-off is being attributed to concerns over the rising interest rates in the US.
After last week’s highs of 90.57, we see th US Dollar index struggling to keep the 90 levels and is currently just below it.
This morning the mood was predominantly positive as Asia took the cue from US Markets’ rebound in yesterday’s session. In terms of data, the economic docket was relatively quiet so the moves were mostly market-driven.
Euro remained at an advantage against the weaker USD, as the currency pair rises to 1.2311 at the time of writing. Expectations that the ECB will be rolling back its massive stimulus have been lending support to the euro. We have seen the USD slowly loose its shine and its first mover advantage as other major central banks such as the ECB slowly move to catch up.
Later this morning we have UK CPI for the month of January and later during night time Japanese Annualised GDP for the 4th quarter.
