Market Briefing: Dollar Slips as Cross-Asset Selling Pressure Subsides
Futures are up and yields on two- and ten-year Treasuries are easing, raising hopes of a market reversal after two days of bruising losses. The dollar is weaker, down roughly 0.3 percent on a trade-weighted basis, signalling an end to a safe haven rally sparked by Federal Reserve Chair Powell’s aggressively-hawkish speech on Friday. The euro is lifting itself off the floor on positive developments in power markets. Benchmark electricity and natural gas contracts dropped again today as European Union officials mooted a plan to intervene in markets, instituting price caps across the energy value chain. Prices plunged yesterday after...