Dollar broadly higher, but NO breakout - BBH
|Analysts at Bown Brothers Harriman noted that the US dollar was broadly higher last week.
Key Quotes:
"It seemed as if the inexorable rise in US interest rates may be beginning to give it some traction."
"The US 10-year yield made a marginal new four-year high, creeping closer to 3%, while the US premium over Germany surpassed 300 bp for the first time."
"The Dollar Index's four-day advancing streak, which it will try to extend next week, is the longest in two months. It is important to recognize, however, that there has been no breakout yet. The Dollar Index remains in the broad 89.00-91.00 trading range. It did not make a new high for the month. That is to be found near 90.60."
"Although the technical indicators are not generating strong signals at the moment, the underlying tone is firm. The Dollar Index fell only one week in February and one week in March. So far, here in April, it has also appreciated in all but one week."
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