Cable falls to its lowest level since October last year
The dollar is coming back into favour as we see the currency push higher against the rest of the major currencies bloc today.
EUR/USD has broken below its 200-hour moving average to a low of 1.1215 while cable has fallen to its lowest level since October last year, touching 1.2720 and moving close to testing its 200-day moving average at 1.2711 currently.
The greenback has also pared losses against the franc, with USD/CHF rising to 0.9400 while AUD/USD is extending losses further under 0.6400 - down by 1.5% today.
The dollar is a bit of a tricky one this week as it is gaining today despite Treasury yields falling (main reason for its drop over the past week), but against the backdrop of record low yields on Monday, 10-year yields are about 40 bps higher from those levels now.
