Global wrap: US dollar marches on, breaks 200-DMA - ANZ
Analysts at ANZ explained that the USD continued to push ahead overnight with the Dollar Index breaking above its 200-day moving average.
Key Quotes:
"The USD appreciated against all in the G10, with GBP underperforming after a weak UK PMI print. Even CAD fell, despite a stronger-than-expected monthly GDP print. Commodities fell, with the stronger dollar a key catalyst."
Oil is off about 1.7% and gold is down 0.6%."
"Equities traded lower on lighter volumes, following a weaker-than-expected ISM manufacturing print, although some losses were retraced later in the session."
"At the time of writing, the Dow Jones was down 0.5%, with the S&P 500 down 0.1%. Information technology stocks bucked the trend, up 1.0%."
"US yields were biased higher (up 1-2bps across the curve) but are not breaking recent ranges, with markets awaiting the FOMC decision tomorrow morning."
"European markets were very quiet with May Day holidays."
"Markets that were open were a touch higher (FTSE +0.2%). The GDT Price Index was down 1.1% (WMP down 1.5%)."
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
