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The US dollar is recovering as the risk appetite cools slightly in the American session. Nonetheless, US stock futures are heading to new all-time highs today, while yields remain steady. Looking forward to seeing the dollar continue its rebound trend shortly. The Canadian dollar is currently a stronger commodity currency, fueled by oil prices. The sterling is bouncing off daily lows against the dollar.
GBP/USD bounced higher after the start of the American session and climbed to 1.3749, hitting its highest level in a week. It remains near the highs on the back of a weaker US dollar across the board.
The US dollar index rebounded from Friday’s fall and reversed down to 90.89, a six-day low. During the American session, risk appetite and declining US bond yields weakened the dollar.
British Cabinet Minister Michael Gove said on Monday that there are concerns in Northern Ireland about the Northern Ireland Protocol and added that it needs to be improved to ensure its effectiveness. The GBP/USD pair showed no immediate reaction to these comments and most recently gained 0.05% on the day to 1.3740.
Dollar Awaits US Stocks and Yields
Global stocks made a strong start in February after being rocked by the frenzy of day trading at the end of January, causing previously disliked stocks like GameStop to skyrocket.
Data released last week suggests that the US economy may recover faster than analysts predicted. The country’s private sector added 174,000 jobs in January, surpassing forecasts of 70,000, according to the ADP’s monthly report. The survey data also showed that the service sector is recovering well.
The data supported bond yields, which rise as investors anticipate growth and inflation. The yield on 10-year US Treasuries is approaching its highest level since March 2020. President Joe Biden’s $1.9 trillion U.S. stimulus plan has also bolstered market confidence in recent weeks. Democrats in Congress have moved forward by taking steps to implement the package without Republican support.
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