The swing in sentiment left the dollar wallowing atone-month lows, with the euro rising to its highest since April 25.
Wall Street closed sharply higher overnight after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Fed encouraged buyers. “Despite the fact that the five day gains on Wall St now at and above 4% suggests that the meltdown has been snapped, there should be no mistaking that this is but earnings relief; – and should not prematurely inspire proclamations of a bull market reboot,” said analysts at Mizuho Bank.
Still, the lift in equities has not split over to other asset markets with yields broadly steady, Strickland noted. The two-year yield, which rises with traders’expectations of higher Fed fund rates, touched 2.4879% compared with a US close of 2.488%.
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