The dollar stayed on the back foot against most of the other G10 currencies yesterday, extending the slide triggered by the dovish comments of Fed Chair Powell on Friday. Equities strengthen on his remarks, accelerating the recovery initiated by the US jobs data. As for today, focus remains on the US-China trade talks for headlines on how close to an accord the two sides are.
Dollar Offered and Equities Supported After Powell’s Remarks
The dollar tumbled against almost all the other G10 currencies on Friday and continued to do so against most of them on Monday. It gained only against JPY, and slightly against NZD, while it traded nearly unchanged against AUD. The greenback lost the most ground against CAD, NOK and CHF.
With no major news to revive the dollar’s appeal, the US currency continued trading lower on Monday, albeit at a slower pace than on Friday. Major EU indices traded somewhat...
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