Forex Today: Dollar resumes advance on risk-averse headlines – by ValBednarik EURUSD XAUUSD CryptoCurrencies BOE YieldCurve
The US Dollar is strong at the end of Tuesday and after an intraday knee-jerk that kept it in the red for most of the American session.Bank of England introduced additional measures to improve financial market conditions. The central bank will temporarily pause corporate bond sale operations this week while it intends to purchase index-linked gilts up to GBP5 bln.
Also, the UK published its monthly employment report, which was generally encouraging. The ILO unemployment rate slid to 3.5% in the three months to August, beating the previous 3.6%. However, the number of those claiming jobless benefits unexpectedly surged by 25.5K in September, while growth in average total pay was 6.0% and growth in regular pay was 5.4% in the three months to August.
Ahead of the US close, BOE Governor Andrew Bailey hit the wires and triggered another round of risk aversion. Among other things, he said that the Financial Policy Committee took the decision to intervene in the financial market after noting market volatility surpassed bank stress test.
Across the pound, US Federal Reserve Cleveland President Loretta Mester reiterated on Tuesday the well-known hawkish message. Among other things, Mester said that the biggest risk is that the Fed does not hike rates enough, adding that she does not expect the central bank to lower rates in 2023. Finally, she added that fighting inflation is painful “but must happen.”
US government bonds fell sharply at the beginning of the day, pushing yields to fresh highs. The yield on the 10-year Treasury note peaked at 4.0%, while that on the 2-year note reached an intraday high of 4.35% ahead of the opening. Yields finished the day marginally higher and off their intraday lows.battled to recover ground but failed miserably. The Dow Jones Industrial Average started the day with a positive tone and, at some point, was roughly 300 points up.
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