The US Dollar (USD) is getting gutted by the markets after US yields soared to a new multi decade high. It almost sounds Shakesperian as it was those
The Greenback slides to a one-month-low. US yields, which were the main driver for the Greenback rally, are now turning against the US Dollar. The US Dollar Index is at risk of having its worst week in over three months. same yields that have supported the summer rally in the Greenback from July up until mid-October.
With the US PMI numbers later this Tuesday, risk at hand is that the US Dollar Index might add another leg lower to its losses for this week. In order to recover, the DXY needs to break back above 105.88 and preferably even break above the high of Monday at 106.33. Once that is the case, Dollar bulls are reassured that plenty of Greenback is in play and this correction was just a blip on the hot plate. On the high end 107.20 still remains the level to beat for the year.
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