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The rebound of the dollar continues today and remains stable at the beginning of the American session. The yen is the second largest. Markets are curtailing recent strong risk sentiment amid fears of near-term deterioration in the spread of coronavirus and restrictions.
Commodity currencies tend to be the weakest right now, led by the Australian dollar. The largest European companies are mixed, with the Swiss franc slightly lower.
It remains to be seen if sooner or later some traders will leave risky markets due to fears of a pandemic. Japan reported on Sunday about a new variant of the coronavirus from Brazilian travelers. The British variant has already been found in northern Mexico. China has the largest daily infection in over five months.
But there is no information yet on whether the coronavirus cases found in China were the same as in Wuhan a year ago when the pandemic began. Or some new options are returning to China.
With most of the political risks behind us, you should gradually return to economic data. Eurozone investor confidence Sentix, Canada’s business outlook, the Fed’s Beige Book report, and Michigan consumer sentiment may get more attention than others.Dollar Gains Continue Following Increased Yields
Market sentiment has deteriorated after US nonfarm employment data showed the first job loss since last spring and the Federal Reserve is unwilling to act. The dollar is growing along with the yield on Treasury bonds.
Richard Clarida, deputy chairman of the Federal Reserve, appeared reluctant to expand the bank’s bond-buying scheme. Fed officials seem to be looking at the current hardships and looking at vaccine deployment and recovery.
His comments prompted further bond sales, higher yields, and support for the dollar. Fed Chairman Jerome Powell is due to speak on Thursday.
Meanwhile, the US CPI, jobless claims and retail sales, UK GDP and manufacturing, Eurozone manufacturing, and China’s trade balance will also be tracked. The ECB will also publish reports on its monetary policy meetings.
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