Currency Traders Brace for Tumultuous Week
Foreign exchange markets are looking deeply rangebound this morning as 2024’s last full trading week kicks off. Most major currencies are trading within a quarter percentage point of Friday’s close, Treasury yields are stable, and North American equity markets are setting up for modest losses at the open. The euro is trading on a slightly softer footing after Moody’s Ratings cut France’s credit rating, warning that growing political dysfunction could endanger the country’s borrowing capacity. According to a statement released by the agency on Friday, “the country’s public finances will be substantially weakened over the coming years. This is because...