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US Dollar Rally Stalls on Softening Rates and Dramatic Drop in Consumer Confidence
Profit-taking on long dollar positions was seen ahead of the weekend. The yield on the December 2022 Eurodollar futures slipped to finish unchanged on the week that saw CPI and PPI reports. The preliminary University of Michigan's consumer confidence measure tumbled to its lowest level since 2011 as the delta variant flares, leading to new social restrictions and delays in the return to work in the US for many. The market appears to have fully discounted a Fed hike at the end of next year. Although at the June FOMC meeting, two officials thought that two hikes by the end of 2022 would be appropriate, the market, ... (full story)
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