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Risk Slips, Dollar Gains but European Currencies Set the Pace

Risk Slips, Dollar Gains but European Currencies Set the Pace

2016-02-24 02:34:00
John Kicklighter, Chief Currency Strategist
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Talking Points:

  • Equities and other benchmarks caved to the pressure of immediate resistance, shifting to a broad risk aversion
  • The Dollar managed to climb despite a disappointing consumer sentiment survey that bodes ill for wages and Fed hikes
  • Anchored to the Pound, the Euro has joined in the decline founded on European instability concerns

See the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold as well as our favorite 2016 trading opportunities in the DailyFX Trading Guides page.

Fundamentals drivers are starting to shift. Risk aversion was kicking in this past session, but the recent implications that would carry for the Dollar losing traction on impending Fed hikes or the Euro gaining due to funding currency repatriation were distorted. Greenback would rally and Euro tumbled. The breadth of risk aversion was certainly clear though the intensity was not severe. The break from theme to participants however comes from the distorting influence of the Brexit discussion. Not just a Pound consideration, the ramifications of another European country threatening to back out of the region's unifying group revives the same issues the Eurozone and EU fretted over in 2010-2012 and again with the most recent Greece spat. These competing themes will stoke volatility but they will also break up trend and consistency. We discuss the trading implications and risks in today's Trading Video.

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