Wall Street remains hyper optimistic that the Federal Reserve will announce a pause in rate rises at this week’s FOMC meeting with the USD remaining somewhat strong against the majors while oil futures dropped to monthly lows.
Euro remains at a near weekly high above the 1.07 handle while the Australian dollar is also well above the 67 cent level as it gathers pace following the recent RBA rate hike but could get into trouble if the Fed surprises..
Meanwhile US Treasury yields were largely unchanged as the 10 year finished at the 3.7% level while oil prices pulled back sharply, with Brent crude finishing just above the $72USD per barrel level. Gold finished largely unchanged despite some intrasession volatility to remain around the $1960USD per ounce level.
The full text of this article is available to MacroBusiness subscribers