USD : Drops As US Futures Break 3000 Price Level
(Thu, 26 May 2020). US futures on the front-foot with market participants returning from their elongated break, which in turn sees the S&P 500 pierce the psychological 3000. As coronavirus infection rates fall, while economies re-open investor sentiment remains buoyant, particularly as hopes on a vaccine persists. Elsewhere, tensions between the US and China have been seemingly shrugged off temporarily after China avoided notable retaliatory measures following recent actions by the US.
Risk on has been the theme of the session with the US Dollar coming under sizeable selling pressure and back down to the 99 handle. Alongside this, with month-end soon upon us, investment bank portfolio month-end rebalancing models signal modest USD selling.
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