US Dollar Index extends recovery above 104.00 amid strong US Treasury bond yields – by anilpanchal7 DollarIndex RiskAppetite YieldCurve Fed China
major currencies traces the firmer prints of the US Treasury bond yields amid a trading session due to the holiday season.
That said, US 10-year Treasury bond yields rose to the fresh high in six weeks the previous day, firmer around 3.85% by the press time, as the positive mood surrounding China’s reopening helped renew hopes of fasterIt’s worth noting that the hawkish Fed concerns might have taken clues from the improvement in the US Good Trade Balance for November, $-83.3B versus $98.8B prior, while ignoring softer prints of the US S&P/Case-Shiller Home Price Indices for October, 8.6% YoY versus 9.
China’s easing of the Coronavirus-linked activity restrictions joined an upward revision to the 2021 Gross Domestic Production forecast to favor the sentiment despite the sluggish holiday season. That said, China mentioned that it would stop requiring inbound travelers to go into quarantine from January 8, the National Health Commission said late on Monday, a major step towards loosening its curbs, per Reuters.
Amid these plays, Wall Street closed mixed and the S&P 500 Futures remain indecisive by the press time. Looking forward, a lack of major data/events could keep restricting short-term DXY moves but firmer US Treasury bond yields favor the bulls. Even so, the US Pending Home Sales for November which holds the market consensus of 0.6% versus -4.6% previous readings could decorate the
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