British Pound Futures Market News and Commentary
The dollar index (DXY00) on Wednesday moved up +0.072 (+0.07%). Mar euro-fx futures (E6H0) closed up +0.0017 (+0.16%), and EUR/USD (^EURUSD) rose +0.0008 (+0.07%). Mar yen futures (J6H0) closed down -0.11 (-0.12%), and USD/JPY (^USDJPY) rose +0.18 (+0.16%).
The dollar index posted modest gains Wednesday on strength in U.S. housing data along with hawkish Fed comments. Dollar gains on Wednesday were limited after the 10-year T-note yield fell to a new record low.
Wednesday's U.S. housing data was bullish for the dollar after Jan new home sales rose +7.9% to a 12-1/2 year high of 764,000, stronger than expectations of +3.5% to 718,000.
Wednesday's hawkish comments from Dallas Fed President Kaplan (voter) were supportive for the dollar when he said events are still too fluid around the China coronavirus to say if the FOMC needs to lower short-term interest rates.
The 10-year T-note yield on Wednesday tumbled to a new record low of 1.299%, which weakened the... Read more