Currencies settle in for a long winter’s nap
Consolidative price action is taking place across financial markets this morning as risk appetite improves ahead of next week’s all-important Federal Reserve meeting. Benchmark ten-year Treasury yields are holding firm around the 4.11-percent handle, the dollar is trading sideways, and equity futures are setting for a continuation of an almost two week-long Santa Claus rally. Most major currencies are looking technically stretched against the dollar, with many trading beyond moving averages and Bollinger Band levels. The US economy is still delivering contradictory signals. Consumer sentiment, as measured by the Conference Board and the University of Michigan, continues to deteriorate even...