FXStreet (Edinburgh) – Kit Juckes, Strategist at Societe Generale, noted the softer tone in the greenback in favour of the single currency.
Key Quotes
“It used to be that in times of trouble, the US dollar reigned supreme. Then there were times when the yen did even better and now, the euro is as good a safe-haven refuge as the dollar, at least when the front end of the US yield curve is in retreat”.
“This week has seen the dollar drift lower against the euro and yen, while soaring against a range of emerging market currencies”.
“It’s a pattern that is unlikely to change much unless or until better US data give the dollar a lift and change the debate about Fed policy, or better Chinese data change the debate about PBoC policy and the outlook for emerging market assets and commodities”.
(Market News Provided by FXstreet)