The U.S. Dollar Index traded as low as 102.982 overnight where dollar bulls were waiting to buy on dips below recent support at 103.00. The DXY quickly rebounded and has been corralled back inside its recent 103/103.50 range, currently trading at 103.38. Barring any major global headlines, trading will likely be confined to increasingly narrow ranges in the lead-up to the FOMC’s rate policy decision next week.
Dollar gains vs. the G10 (all sub-0.25%): EUR, DKK, GBP, CHF, and JPY. Dollar losses (also all sub-0.25%): AUD, SEK, NZD, NOK, and CAD.
U.S. Treasury yields are slightly positive in all tenors today with the benchmark 10-year +0.015% at 4.127%, midway between short-term support at 4.00% and resistance at 4.20%.
Global equity indexes are mixed today. U.S. equity index futures are indicating a lower open for the DOW (after marking a fresh all-time-high yesterday), and higher opens for the S&P 500 and Nasdaq 100.
Bitcoin is -3.04% today at $38,601 and is now -21.30% from the January 11 high of $49,051.33, the day Bitcoin ETFs first listed.
The Bank of Canada is set to announce its latest rate policy tomorrow, with no change expected.
