EUR

The greenback keeps moving from strength to strength, with the “US outperformance” trade gaining renewed momentum as risk appetite falls and signs of weakness grow more evident in other parts of the global economy. Equity futures are softening this morning as reports of a Chinese government ban on Apple devices drive the technology company’s shares lower. Yields are slightly lower at both the two- and ten-year horizons, and most major currencies are down against the dollar.  Yesterday, when the Institute for Supply Management said its index of service-sector activity had risen to a six-month high, with improvements seen in virtually...

The almighty greenback is holding near its highest levels since March this morning as rising oil prices and slower disinflation fears force Treasury yields upward. The major North American equity bourses are under pressure and risk-sensitive currencies are licking their wounds.  Half-hearted defence efforts from policymakers are doing little to reverse the tide. The euro is up just 0.2 percent after European Central Bank Governing Council member Klaas Knot warned markets could be “underestimating” the likelihood of a rate hike at next week’s meeting, and his colleague Peter Kazimir said he would prefer to “deliver another 25 basis points” and...