Forex Today: Dollar pressured by weaker yields


content provided with permission by FXStreet

What you need to know on  Friday, October 15:

As Treasury yields held at the lower end of the weekly range, the dollar remained weak. The yield on the 10-year US Treasury note bottomed at 1.507%, ending the day nearby. As for the greenback, it managed to post a modest intraday advance against the EUR and the CHF.

Wall Street rallied on the back of better than expected earnings reports from big names, including banks such as Morgan Stanley, Bank of America and Citigroup.

Upbeat US data provided additional support to the market’s mood. The September Producer Price Index was up 0.5% MoM and 8.6% YoY, higher than the August readings although below the market’s expectations,while Initial Jobless Claims for the week ended October 8 printed at 293K, much better than the 319K expected. 

EUR/USD lost the 1.1600 threshold, ending the day a few pips below the level. GBP/USD settled at 1.3860, while commodity-linked currencies were the best performers. AUD/USD regained the 0.7400 mark, while USD/CAD fell to 1.2354, a fresh multi-week low.

Oil prices were up. The International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply. WTI settled at $81.40 a barrel. Gold flirted with $1,800 a troy ounce, ending the day just below the level.

Friday will bring US Retail Sales and the Michigan Consumer Sentiment Index.

Ethereum Classic price will tap $280 by early 2022


Like this article? Help us with some feedback by answering this survey: