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Dollar bulls race to the exits in another leg of weakness

Fresh US dollar highs

The euro was beaten up throughout May and now nearly half of that decline has been erased in a flash.

That's the highest since May 17.

The bond market is completely repricing the Fed.

US 2-year yields are down 11.5 bps, which will be the largest one -day fall since 2009 if it holds.

You have to consider that the market is overreacting but I don't think that's the case. The Fed has been talking the talk but they have been wrong so many times and I doubt they have enough confidence in their forecasts to ignore this.

They'll fall back on data dependence and pretend like they didn't create unnecessary market volatility by creating hike expectations.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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