It is now a case of sell the dollar, buy everything else. The greenback is being hammered lower again today as broader market sentiment continues to recover strongly after last week's softer US CPI data. 10-year Treasury yields are now down to its lowest in over five weeks, down another 7 bps today to 3.795%:
Elsewhere, equities are also keeping firmer with S&P 500 futures up 29 points, or 0.7%, and Nasdaq futures seen up 1.3% on the day.
This is all pretty much a continuation of the relief rally from last week as the technicals point to added momentum across the board. Fedspeak remains the only real threat to the rebound and so far, we're not getting a clear sense that policymakers are going to push back too strongly.
