The (repeat) lessons from Friday is that the US Dollar cannot go down if the EUR and Sterling are not going up and that the USD goes up when risk sentiment goes down. Thus a give-back of much of the recent Brexit Withdrawal Agreement-related optimism on GBP, related EUR slippage (currently a low beta GBP, but compounded by wider Italian BTP-German Bund spreads) and a renewed sell-off in US stocks (again IT-led) saw DXY briefly back on a 97 handle, so back close to its 97.20 November 1st high. It closed Friday at 96.90. AUD pulled back to 0.7226 at Friday’s New York close have briefly touched 0.73 last Thursday and is slightly weaker again at Monday’s open (just sub-0.7205 as I write). Meanwhile both Sterling and the EUR are opening nearly 0.5% lower from where they both closed in New York on Friday at 1.2875 and 1.1277 respectively.
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