European Markets Are Trading Lower – US Dollar under selling pressure
European stocks markets are trading lower today. EuroStoxx is falling 1,9%, followed by DAX, -1,32%. In the forex market, the US Dollar continues to suffer from fresh selling pressure against the euro while “Brexit” worries spurred widespread weakness in the British Pound. The EURUSD pair extended its rally beyond 1.1400. Regarding GBPUSD, the pair is seen struggling to around 1.4500.
Besides, the US dollar continues to weaken as the June FOMC looms on the horizon and there is little to really change the recent trend. Treasury yields are falling, the trade weighted dollar is falling, assets that had been previously underperforming the dollar such as gold and silver are now pushing strongly higher.
In Europe, ECB president Draghi is due to speak today and all focus will be on additional comments following last week’s meeting.
Get market updates on your email by subscribing to T1 MarketScope weekly newsletter