From Marc Chandler at Bannockburn Global Forex:
The Dollar Index did not snap its losing streak yesterday but extended it for its eighth consecutive session to match the longest downdraft since April 2011. The streak may end today if the dollar’s gains are sustained. Despite stronger than expected UK (and China) GDP figures and a solid Australian jobs report, the greenback is trading firmer against most of the G10 and emerging market currencies. Risk appetites seem intact, with the Nikkei following the US S&P 500 and Nasdaq to record highs.
A possible two-week extension in the US-Iran ceasefire may have helped sentiment. However, with the blockade of Iranian ports in place, some projections show storage capacity would be exhausted in two weeks. The two-week extension would add pressure on Tehran. Meanwhile, President Trump indicated that the investigation into the Federal Reserve will continue and he accepted that this could delay the confirmation of Kevin Warsh to succeed Powell. What happens if the confirmation is not complete by the time Powell’s term as chair is over is not immediately clear but the president’s threat to fire Powell has been noted but apparently ignore[d]....
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