FXstreet.com (San Francisco) - The U.S. dollar remains higher against most of its major trading counterparts on Monday. Regional currencies are feeling the pressure from global equity and commodity market declines, with the Canadian dollar, Mexican peso, Chilean peso and Brazilian real all lower versus the greenback, according to Wells Fargo.
As Wells Fargo comments in a research note: “Overall, we still view the current FX price action as a pause and consolidation after sizeable gains for the euro and other foreign currencies earlier this month. The next important catalyst for FX markets could be an official request for financial aid by the Spanish government in the coming weeks, which, in our view, should lead to some renewed euro gains and broader US dollar weakness.”
As Wells Fargo comments in a research note: “Overall, we still view the current FX price action as a pause and consolidation after sizeable gains for the euro and other foreign currencies earlier this month. The next important catalyst for FX markets could be an official request for financial aid by the Spanish government in the coming weeks, which, in our view, should lead to some renewed euro gains and broader US dollar weakness.”
