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US Dollar Offered, but Intra-Day Momentum Indicators are Stretched
The Dollar Index reached its best level since May 1 before the weekend but has come back softer against all the G10 currencies and most emerging market currencies. There is no apparent driver, and the intraday day momentum indicators caution against expecting much in the way of follow through gains in North America. The dollar edged closed to JPY160 and triggered official intervention warnings. The market has turned cautious and is threatening to end the yen's seven-day slide. Among emerging market currencies, the South African rand, Turkish lira, and a few East Asian currencies are softer including the Chinese yuan. ... (full story)
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