Euro hits fresh high of the year in rise above 1.11 ...Middle East

The euro continues to march higher as it ticked above 1.11 for the first time since late December. Given that December move was something of a low-liquidity squeeze, you have to go back to July 2023 to see these levels.Unfortunately, this is more of a US dollar story than a positive narrative on anything unfolding in Europe. US Treasury yields fell again today by 3-6 bps across the curve. The market is looking for some kind of dovish indication from Powell, though with Fed fund futures priced for nearly 100 bps over the remaining three meetings this year, I'd argue that pricing is already aggressive.In any case, USD-longs (and bond shorts) have been a crowded position that's unwinding in a t

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Last updated : 20 August 2024 clock 04:37 PM

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Euro hits fresh high of the year in rise above 1.11 ...Middle East

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