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Dollar stagnates as risk tones improve

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Dollar stagnates as risk tones improve

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European stocks are now trading higher on the day, posting small gains while US futures have also reversed heavy losses to be in positive territory for the time being. S&P 500 futures are up 0.1% after falling 0.7% earlier, while Nasdaq futures fell 1% earlier to rise 0, 2%.

The change in mood saw the dollar and yen slip in European morning trade as commodity currencies start to gain a head start.

Both AUD/USD and NZD/USD are up 0.4% to near session highs, the former at 0.7210 and the latter at 0.6797. It should be noted that USD/CAD is breaking at 1.2475 and testing a new breakout of its 200-day moving average:

The loonie’s supply is also being helped by higher oil prices, with WTI crude rising to $86.70 after a slight pullback to $86.00 earlier.

Higher yields are still in play, but bearish buyers of stocks are starting to strut a bit so far. We’ll see if that can follow and if it does, it could mark a nice change of fortune for stocks for the rest of the week.

Dollar stagnates as risk tones improve

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