Forex Today: Dollar recovery loses steam ahead of key data releases – by eren_fxstreet Currencies Majors Macroeconomics Politics Commodities
snapped a four-day losing streak on Tuesday as escalating geopolitical tensions allowed safe-haven flows to continue to dominate the financial markets. There seems to be a modest improvement in risk mood early Wednesday with US stock index futures rising between 0.2% and 0.3% and the DXY consolidating its recovery gains above 106.00. The European economic docket will feature Junedata before the ISM releases the July Services PMI report for the US later in the day.
In the meantime, Chicago Fed President Charles Evans said on Tuesday that a 50 basis points rate hike would be a reasonable assessment for the September policy meeting if inflation does not improve. These comments helped the US T-bond yields push higher and the benchmark 10-year US yield rose more than 6% on a daily basis and climbed above 2.7% on Tuesday before going into a consolidation phase early Wednesday.
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