Mnunchin tanks the dollar
Times sure have changed. It used to be that the Treasury Secretary always said "We support a strong dollar policy". Not the case anymore. The comments from the Mnuchin supporting the weaker dollar has continued the rout of the US dollar. If you want to promote invest in America, you might as well get the dollar really low so it is cheaper to invest.... in America (PS it helps Trump's balance the deficit too). Right or wrong, the dollar has moved to the lowest level in 3 years.
Ranges are extended with the GBPUSD leading the way (up 151 pips). Better employment data and a "softer Brexit" has pushed that currency to a even newer 19 month high. All the major currencies against the greenback are trading near extremes for the day.
In other markets:
- Spot gold is up $11.33 or 0.85% at $1352.60
- WTI crude oil futures are up $.25 or 0.37% at $64.71
- US treasury yields are higher after the dip yesterday. Two-year 2.07%, up 2.98 basis points. Five-year 2.438%, up 2.5 basis points. 10 year 2.652%, up 3.9 basis points. Thirty-year 2.9388%, up 4.4 basis points
- US stock futures are higher in premarket trading. NASDAQ futures are up 17 points. Dow futures are up 100 points. S&P futures are up 7.25 points.
- Bitcoin is trading up $365 at $11,344. The digital currency is testing its 100 and 200 hour moving averages at $11,397 and $11,411 respectively.