The USD rebounded against on Tuesday with North American markets coming out of a long weekend. The correlation between rising US bond yields and currency strength had broken down this year, but it now back on track with the 10 year Treasury note hitting a 10 year high driven by higher inflation expectations. The Fed has been divided internally on how to proceed in a slow inflation environment, but if prices suddenly accelerate there will not be need for debate with a higher pace of interest rate moves expected from the central bank.
Currencies
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Rupee Hits Two-Month Low Against US Dollar, Bond yields at Two-Year High
Gold Silver Reports – Rupee Hits Two-Month Low Against US Dollar, Bond yields at Two-Year High — The Indian rupee on Tuesday hit a two-month low against the US dollar as foreign investors continued to liquidate their positions in local equity markets.
Goldman Sachs Group Reiterates “€64.00” Price Target for Danone – Neal Bhai Reports
Gold Silver Reports – Goldman Sachs Group Reiterates “€64.00” Price Target for Danone – Neal Bhai Reports — Goldman Sachs Group set a €64.00 ($79.01) target price on Danone (EPA:BN) in a research report released on Tuesday, January 23rd. The firm currently has a sell rating on the stock.
Bitcoin Is the New Gold
Gold Silver Reports — Bitcoin Is the New Gold — I hate to say I told you so, but … well, I told you so. Bitcoin, 1 while still a popular financial asset, is looking less and less like a currency. Online payments company Stripe is ending Bitcoin support. It cites several reasons for doing so:
Investors Need Trump to Leave the Dollar Alone
Gold Silver Reports – Investors Need Trump to Leave the Dollar Alone — Donald Trump Jr. said recently that the only color his father sees is green. But dollar traders have seen mostly red since President Trump took office.
Dollar’s Bounce Means Time to Sell for Global Growth Optimists
Gold Silver Reports – Dollar’s Bounce Means Time to Sell for Global Growth Optimists – The dollar’s up against all of its major peers right now, and that’s a good opportunity to sell, according to some Wall Street forecasters.
Australian Dollar’s Surge Is Bringing Out the Bears
Gold Silver Reports – Australian Dollar’s Surge Is Bringing Out the Bears — The Australian dollar’s longest rally in 18 months is bringing out the bears. The Aussie is poised to go into reverse as the Federal Reserve keeps raising interest rates, while the Reserve Bank of Australia leaves borrowing costs at a record low, said James Athey at Aberdeen Standard Investments in London, who is adding to his short positions. Schroder Investment Management Australia Ltd., which is also short, said the Aussie is likely to trade closer to 70 U.S. cents than 80 cents in 12 months.