Forex Today: Dollar pares gains, detaches from Wall Street
|Here is what you need to know on Tuesday, January 12:
The greenback extended its gains against most major rivals throughout the first part of the day but gave up some ground ahead of Wall Street’s close. US indexes trimmed a good bunch of their early losses but were unable to post gains. The latest correlation between equities and the dollar may end as abruptly as it started.
US Treasury yields ticked higher, extending their latest recovery. The yield on the benchmark 10-year Treasury note hit 1.14%.
From a fundamental side, investors continued to digest US poor employment figures and the correlated possibility of additional fiscal stimulus in the US. The upcoming US President Joe Biden promised he will work in a new stimulus program “in the trillions of dollars.”
In the UK, PM Boris Johnson n warned the UK is at a “very perilous moment” in the pandemic, as a surge on coronavirus cases has put pressure on the health system. The PM added that they are now in a “race against time” to curb contagions amid fears the health system may become overwhelmed.
Gold consolidated its latest decline, ending the day below 1,850 a troy ounce. Crude oil prices retreated just modestly, with WTI settling at $ 52.00 a barrel.
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