US Session: USD Rallies Back on Weaker Equities

G10 Advancers and Decliners vs USD JPY 0.92 GBP -0.39 EUR -0.68 CHF -0.83 The lack of follow through in risk correlated trades has definitely raised some concerns over the sustainability of this risk rally. In particular, the better than expected Chicago PMI and U. of Michigan Confidence failed to translate USD [...]

G10 Advancers and Decliners vs USD
JPY 0.92
GBP -0.39
EUR -0.68
CHF -0.83
The lack of follow through in risk correlated trades has definitely raised some concerns over the sustainability of this risk rally. In particular, the better than expected Chicago PMI and U. of Michigan Confidence failed to translate USD weakness as the EURUSD collapsed to 1.4720. Intresetingly, the sell-off was almost exactly to our expectations of central bank tightening, with currencies such…

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