Forex Today: Dollar still on the backfoot despite a tepid mood – by ValBednarik EURUSD XAUUSD CryptoCurrencies RiskAversion
The market mood remained sour, which help the US Dollar to recover some of the ground lost earlier in the week. Nevertheless, tas speculation the US Federal Reserve will soon pivot weighed more.
Generally speaking, the dismal sentiment could be attributed to renewed concerns related to the Ukraine-Russia war and tensions with Western nations following the latest developments in Polonia. Ukrainian President, Volodymyr Zelenskyy, said that Ukraine was not to blame for the missile strike that hit a Polish city, killing two people. NATO believes Russia was responsible, despite the missile likely coming from Ukraine’s defence..
Further support for the greenback came from government bond yields. At the end of the day, the 10-year Treasury note offers 3.76%, while the 2-year one pays 4.46%. The advance is more notorious at the shorter end of the curve, a warning for those betting against the American currency.announced Thursday she would not seek reelection to her congressional leadership role as the top House Democrat after midterm elections showed Republicans seized control of the House.finished the day in the 1.
The UK government presented a fiscal plan after the obstreperous failure of former Prime Minister Liz Truss’s mini-budget. Finance Minister Jeremy Hunt outlined spending cuts and tax hikes worth £55 billion. “We need fiscal and monetary policy to work together,” he said. “That means the government and the Bank working in lockstep. It means, in particular, giving the world confidence in our ability to pay our debts.” GBPUSD sunk to 1.1762 but recovered roughly 100 pips ahead of the close.
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