Quotes from the news wire:
With the announcement from the U.S on the Chinese tariffs, the reaction on the policy side from China will be the key event to watch in the coming days, if China does react with further escalation in tariffs, the U.S. equity market as well as the dollar-yen or Australian dollar could face further downward pressures.
It is doubtful the market tried to factor in the possibility of the Fed raising rates this year on the inflation number, but the Fed is 'data dependent' so it reacts positively to upbeat data, nowotny's comments also hurt the euro, so the stage was set for participants to cover shorts in the dollar.
At the review we expect the Fed to drop 'patient' and send a message that it is ready to hike rates depending on economic data. Against such a background, the euro remains the most vulnerable versus the dollar, eCB's QE continues to take a toll on the euro. Euro zone bond yields were thought to have mostly priced in the QE launch beforehand, but the magnitude of their decline has shown that such expectations were premature.
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