Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 15 May 2018 at 20:32 GMT
FX Trade Strategist /
US Wrap-Part 3....... USDJPY soared. The Treasury yield rally highlighted the interest rate policy divergence between the Bank of Japan and the Fed. USDJPY rose from 109.91 at the open to 110.44. The afternoon dip was shallow, and prices closed at 110.38.

The New Zealand dollar was the worst performing currency against the US dollar. NZDUSD shed 0.82% in a decline from 0.6918 to 0.6854%. Even a rise of 1.9% in the GlobalDairyTrade auction results didn’t help. AUDUSD dropped to 0.7449 from 0.7519.
Oil prices dropped from $71.89 to $70.49 and then rallied to close at $71.18. Gold prices dropped from $1,314.70 to $1,292.42 on the threat of higher US inflation and interest rates.

Wednesday Focus: EURUSD bears may take a rest ahead of Eurozone inflation data. April CPI is expected to rise 1.2%, y/y. core CPI is also expected at 1.2%, y/y


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