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Greenback Consolidates after Yesterday's Shellacking
After yesterday’s sharp losses, the US dollar is mostly consolidating with a firmer bias against the G10 currencies. The yen is the exception. The unexpected post-election gains have been extended through the local session and the European morning. The very long-end of the Japanese yield curve also extended its counter-intuitive rally, with the 30- and 40-year yields lower for the 5-6th consecutive session. While the dollar appeared to react strongly to China’s warnings about US Treasury exposure, the bond market appears to have largely ignored it. The US 10-year yield has eased below 4.20%, the previous cap, ... (full story)
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