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A short-lived U.S. dolar recovery (Daily analysis 18.02.2021)

18 Feb 2021 10:20|Bartosz Sawicki

The US dollar's bounce from the first part of the week should not develop into a broader trend despite a surprisingly strong recovery of the US retail sales numbers in January.

The January FOMC meeting minutes failed to impress the markets and echoed recent Fedspeak. In a nutshell: the economy is far away from the condition in which the talks about tapering would be justified.

The Last couple of hours prove that markets remain in "buy the dip" mode. The greenback trades lower against all main peers as well as emerging markets currencies. The EUR/USD pair bounced higher from the 1.20 area while the pound sterling skyrocketed and the GBP/USD rapidly recovered above the 1.39 mark. The EUR/GBP pair set new 10-month lows on Thursday as a consequence of the sterling outperformance. Noteworthy, the USD/JPY pair rejected the 106.00 handle as the rise of the US Treasury yields does not lead to further bonds selling. In the EM space, the Turkish lira and the South African rand lead the pack, followed by the Polish zloty and the Czech koruna.

18 Feb 2021 10:20|Bartosz Sawicki

This commentary is not a recommendation within the meaning of Regulation of the Minister of Finance of 19 October 2005. It has been prepared for information purposes only and should not serve as a basis for making any investment decisions. Neither the author nor the publisher can be held liable for investment decisions made on the basis of information contained in this commentary. Copying or duplicating this report without acknowledgement of the source is prohibited.

See also:

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The US dollar goes up. The pound the most expensive this year (Daily analysis 17.02.2021)

16 Feb 2021 8:59

Major currencies, major underperformers (Daily analysis 16.02.2021)

15 Feb 2021 10:41

A new week and renewed hunt for yield (Daily analysis 15.02.2021)

11 Feb 2021 10:37

Inflation disappointment discussions may move the US dollar below in red (Daily analysis 11.02.2021)

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