Currencies
Dollar indexThe dollar index, after making a low of 91.06, where the 21-day moving average coincides, bounced off this level and ended the day with a gain. “Against the Australian dollar, the yen traded at83.09 yen.In a sign of investors’ bullish bets on the US economy, the US yield curve steepened overnight. Moreover, the dollar index is trading near a strong hurdle. “The brightening outlook for the world economy is a positive for both US dollar/yen and Australian dollar/yen.
“US dollar/yen has been on a one-way trajectory since the start of 2021,” said Joseph Capurso, head of international economics at the Commonwealth Bank of Australia.
“US dollar/yen has been on a one-way trajectory since the start of 2021,” said Joseph Capurso, head of international economics at the Commonwealth Bank of Australia.
United States
But real (i.e., inflation-adjusted) interest rates are also beginning to rise, which is sending shudders across Wall Street. Traders should get a better idea of how the Fed views the recent bond moves on Thursday. Bert Dohmen’s analysis often goes totally contrary to accepted “Wall Street wisdom.” He is the original Fed Watcher. He considers Fed policy the most important fundamental factor. But is the Fed’s complacent optimism justified? Wall Street didn’t declare the bear market until June 2008.
Bert Dohmen has been called “a leading Fed Watcher” by the Wall Street Journal.
Bert Dohmen has been called “a leading Fed Watcher” by the Wall Street Journal.
Europe
The EU s top court rules in a European Commission challenge against Barcelona football club over allegedly unfair tax breaks 9:30 a.m. Women across the EU are paid 14% less than men and receive pensions that are 30% lower on average.
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