"Traders are worried about the global economy's weakness, which is triggered by the second coronavirus wave," said Naeem Aslam, chief market analyst at trading platform Avatrade.
Yet he added: "The current retracement that we see in the stock futures, especially in the US stock market, may not last for long. And this is because investors are still very much optimistic about more stimulus aid packages coming out of the US."Analysts said the recent rise in US bond yields was helping the dollar move higher, with higher interest rates making dollar assets more attractive to non-US investors.note, which moves inversely to its price, inched 0.
Arne Lohmann Rasmussen, chief analyst at Danske Bank, said in a note that investors have started to bet that the Federal Reserve would now raise interest rates sooner than previously anticipated. "The market has now started to price in an earlier first rate hike from the Fed. It has cautiously been moved from early 2024 to early Q3 2023 … On Friday, the change in Fed pricing added support to USD," he said.
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