allow the US Dollar bulls to take a breather. Also likely to have triggered the XNG/USD recovery is the cautious mood ahead of Thursday’s official weekly Natural Gas storage change data from the US Energy Information Administration .
Furthermore, the strong US Dollar has inverse ties with the XNG/USD and keeps the commodity sellers hopeful of late. It should be observed that rose to a fresh high since March 15 on Wednesday while flashing a figure close to the 105.00 threshold before retreating to 104.85 afterward, around 104.90 by the press time. Even so, the Greenback’s gauge versus the six major currencies remains on the way to posting an eighth consecutive weekly gain amid economic optimism.
Amid these plays, S&P 500 Futures remain depressed after Wall Street benchmarks closed in the red for the second consecutive day. That said, the US 10-year Treasury bond yields rose to a two-week high of around 4.30% and the two-year refreshed weekly top above 5.0%, which in turn offered notable strength to the US Dollar.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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Source: Reuters - 🏆 2. / 97 Read more »