European stocks reach record highs, dollar softens

European stocks reach record highs, dollar softens

US equities are higher fueled by fresh record highs in several European bourses. The French CAC index gained 0.25% overnight, and leads the G-10 YTD with a 24.3% return (vs the S&P500’s 18.7%). European countries are increasing vaccination rates, which is attracting investors as travel and re-openings accelerate. The dollar index is lower after have reached a three-week high on Wednesday. UST yields are lower. Oil is virtually unchanged, trading near $69 a barrel. US import price data – the final inflation data released this week -- came in lower than expected.

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  • FX Rates
    August 13, 2021

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  • USD

    The dollar is broadly lower, as European investors embraced a risk-on mood, driving European shares to fresh record highs. The Import Prices Index for July was lower than predicted, 0.3% vs. 0.6%, and lower than both CPI and PPI released earlier in the week. UST 10yr yields, after reaching a one-month high at 1.38% yesterday, dropped to 1.34% this morning.


    The British pound edged higher in-line with broadly weaker US dollar. Upbeat UK wage data showed that companies are hiring workers for the post-pandemic recovery. The FTSE 100 Index rose to its highest level since March 2020.


    The euro is up more than 0.25% against the dollar as shares in several eurozone countries rose to all-time highs. The aggregate eurozone trade balance unexpectedly rose strongly, reversing a declining trend well entrenched so far in 2021.


    The CAD moved little overnight, even after news yesterday that PM Justin Trudeau plans to call a snap election for September 20. Oil prices are also unchanged from yesterday’s close.


    The Chinese yuan edged higher, in-line with the broadly weaker dollar. Foreign Direct Investment YoY for July came in lower than expected, extending a downtrend in place since March.

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