Dollar remains supported despite easing from yesterday’s 5-month highs. Helping the USD’s trajectory higher were the generally robust US data and rising US treasury yields.
The US Dollar index (DXY) measuring the strength of the USD against a basket of currencies, is currently at 93.60 after yesterday’s highs of 94.06.
EURUSD has been on the decline for the past month as the USD garnered support and the recent political concerns surrounding Italy have not helped the euro either. It now seems that the proposed coalition has come with the name for the proposed Italian prime minister and the name is Giuseppe Conte, more of a technocrat than a politician.
Yesterday the major US equiy indices closed in the positive, helped by reported meaningful progress for US-China talks. The positive handover didn’t last through the Asian session however as we see tha major indices manifesting mixed performances this morning.
Today’s economic docket looks relatively quiet, other than data for UK Public spending and net Borrowing. From the UK as well we have speakers from the BoE this morning.
