The U.S. dollar was loitering close to its highest point since March against major peers, and touched a fresh 10-month top versus the Japanese yen, the traditional global funding currency where interest rates remain ultra-low.
In contrast, German industrial numbers on Thursday were weak, showing the growing divide in fortunes. German bund yields shuffled down to 2.63%, although they too were near two-week highs following talk from a number of ECB policymakers in recent days about raising rates again next week. Asia-Pacific shares slid 0.9% too although, like the global index, it was only their third day in reverse.
“It all goes back to the discussion of where that magical neutral rate happens to be,” he said. “While the markets are still feeling around for where that rate may be, it’s going to weigh on equities and support the U.S. dollar.” The euro, meanwhile, dropped 0.1% to $1.0716, following its dip to a three-month trough of $1.0703 on Wednesday.
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