Overview: Comments by Fed Governor Waller, urging
patience on rates and wanting more evidence that price pressures are moderating
has helped the greenback extend its recent gains. The yen is the notable
exception as the fear of intervention has restrained the dollar bulls. Poor
German data, including a sharp 1.9% drop in February retail sales, the fourth
consecutive monthly decline, underscored the euro’s negative divergence, and the
single currency was sold to new lows for the month below $1.0780. The
Antipodeans and Scandis are leading the G10 currencies lower with 0.6%-0.8%
losses. Emerging market currencies are mostly lower. The South Korean won, and
Taiwanese dollar are exceptions with miniscule gains. Equities in the Asia Pacific region are
mixed. Japan, South Korea, and Taiwan
2024-03-28