EUR/USD bears step in as the US dollar resurges from the dead – by fx_ross EURUSD Fed ECB DollarIndex
Risks in the UK and from the Fed continue to weigh on market sentiment. is entering Tokyo offered on a stronger US dollar that has been coming up for air in the second half of the week so far. Risk sentiment has been doused by ongoing disruptions in UK politics and US monetary policy skewed heavily to the hawkish side. At the time of writing, the euro is trading at 0.9765 vs the greenback which has rallied from a two-week low.
The benchmark 10-year Treasury yields rose to 14-year highs, and the greenback has hit another 32-year peak against the yen, approaching the 150 level at which some traders think the Bank of Japan and Ministry of Finance might intervene. All in all, the markets are squeamish which is sending a bid into the safe haven US dollar as traders look ahead to the Federal Reserve blackout week before when the central bank is expected to liftby another 75 basis points when it meets on November 1-2.
''Risk sentiment deteriorated overnight. Market relief at the UK unwinding most of their mini-budget gave way to angst as the focus returned to the global inflation backdrop, and the aggressive rate hikes that will be needed to tame an increasingly persistent inflation pulse,'' analysts at ANZ Bank said.
''We have been bearish of GBP for many months, and while a lot of bad news is now on the price, there is still too much uncertainty in both the UK economic and political outlooks for us to turn constructive on the
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