Apr 16, 2021 13:04 GMTForex News
EUR/USD has been benefiting from falling US yields.
Previous and upcoming US data may trigger a dollar rally risks a downfall.
Friday’s four-hour chart is pointing to fresh gains.
Break or bounce? That is the question for EUR/USD as it approaches 1.20 for the fourth time since early March and the second time this week. Fresh demand for US Treasuries, reversing previous trends, is dragging the dollar lower.
Ten-year yields are depressed well below 1.57% after hitting 1.77% several weeks ago, and that is capping the greenback.
However, this increase in returns on US debt is detached from economic reality, as reflected in the latest batch of US economic releases. The consumption-centered US economy is enjoying a boom –
NZD/USD goes into consolidation above 0 7150 following three-day rally fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
Apr 15, 2021 20:31 GMTFXStreet News
USD/CAD remains on track to close the day in positive territory.
US Dollar Index moves sideways below 91.70 after US data.
Crude oil prices rise for the fourth straight day.
The USD/CAD pair fell to its lowest level in more than three weeks at 1.2474 but managed to stage a rebound in the second half of the day. As of writing, the pair was up 0.15% on the day at 1.2540.
Data confirm robust recovery in US
The selling pressure surrounding the greenback and rising crude oil prices weighed on USD/CAD during the European trading hours. However, the upbeat macroeconomic data releases from the US helped the USD stay resilient against its rivals despite the sharp decline seen in the US Treasury bond yields.
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This market reminds us of the old adage: How do you climb Mount Everest? One step at a time.
That’s how this rally has been during the pandemic. Meandering a path that seems at times insurmountable, other times flat and sure; at times the oxygen level has felt a bit thin but over time scaling to heights not seen before.
Futures activity this morning suggests the
S&P 500 Index (SPX) may take another page out of this week’s playbook by rising a little bit yet still closing at a record. After all, anything higher than yesterday, even a 1 point gain, would be new territory.
SPX Appears Poised For Record Though Volume Expected To Be Light Ahead Of Bank Earnings forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.