Forex Today: US Dollar struggles to benefit from hawkish Fed commentary – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
Despite hawkish comment from Fed officials, the US Dollar struggled to outperform its rivals mid-week amid retreating US Treasury bond yields. Bank of England Monetary Policy Hearings will be watched closely by market participants and the European Commission will release its Economic Growth forecasts on Thursday. The US economic docket will feature the weekly Initial Jobless Claims data and investors will stay focused on central bank speak.
Wall Street's main indexes registered large losses on Wednesday led by the Communication Services sector which fell more than 4%. Meanwhile, the benchmark 10-year US Treasury bond yield snapped a three-day winning streak and lost nearly 2%, not allowing the US Dollar to capitalize on the risk-averse market environment.
Early Thursday, US stock index futures are up between 0.4% and 0.5% early Thursday, pointing to an improving market mood and the 10-year US T-bond yield holds steady at around 3.6%.gained traction and climbed toward 1.0750 on Thursday after having closed virtually unchanged on Wednesday. The data from Germany revealed that the annual Harmonized Index of Consumer Prices declined to 9.2% in January from 9.6% in December.
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