FXstreet.com (Córdoba) - Most foreign currencies are stronger versus the greenback, recovering early in the U.S. trading session as market sentiment improves, according to the Wells Fargo team. "The pound gained on solid economic data, while the euro is moving higher with concerns about Europe's debt crisis ebbing slightly today".
Meanwhile, Wells Fargo team points out that reports that Spain may receive an accelerated disbursement to help recapitalize its banks appears to be helping sentiment and Spanish ten year bond yields are down.
"Today's U.S. economic figures were mixed, having little to no impact on investors views of the economy or the Fed, and we doubt they had much influence on currency movements either", they say.
"Overall, foreign exchange markets continue to trade without particular conviction and we maintain a neutral near-term outlook for the U.S. dollar against most foreign currencies", says Wells Fargo team. "On a slightly longer-term basis however – the next couple of months – our bias is for U.S. dollar and yen weakness, and strength in most foreign currencies".
Meanwhile, Wells Fargo team points out that reports that Spain may receive an accelerated disbursement to help recapitalize its banks appears to be helping sentiment and Spanish ten year bond yields are down.
"Today's U.S. economic figures were mixed, having little to no impact on investors views of the economy or the Fed, and we doubt they had much influence on currency movements either", they say.
"Overall, foreign exchange markets continue to trade without particular conviction and we maintain a neutral near-term outlook for the U.S. dollar against most foreign currencies", says Wells Fargo team. "On a slightly longer-term basis however – the next couple of months – our bias is for U.S. dollar and yen weakness, and strength in most foreign currencies".
