The US dollar continues this week’s range trading, helped in part by limited US data and the Fed blackout period ahead of next week’s FOMC decision. Get your market update from nickcawley1 here:
Short-dated US Treasury yields continue to probe support, and with the head and shoulders pattern continuing to play out, yields may go even lower. The next zone of support for the US 2-year is 4.00% - 4.08%. This zone is expected to hold in the short- to medium-term.US 2-Year Treasury Yield Daily Chart – December 9, 2022
The US dollar remains on the backfoot after breaking, and opening, below the 200-day moving average this week. The 20-day ma is also on course to break below the longer-dated moving average, adding to negative sentiment, while prior support around 104.70 is being probed again. This level has been tested twice recently but not closed below.
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