Last week was marked by new lows for two major currencies – GBP/USD and USD/JPY. Three major U.K. property funds decided to halt redemptions, setting off a course of action by the Bank of England and sparking widespread concern for greater financial stress. The U.S. dollar was crushed by falling Treasury yields, but its weakness was channelled directly through the Japanese Yen, New Zealand and Australian dollars. The reason for the divergence are yields as U.K. and German yields fell to record lows alongside Treasuries.
Boris and Kathy Forex Weekly – 11/7/2016 – Majors
Last week was marked by new lows for two major currencies – GBP/USD and USD/JPY. Three major U.K. property funds decided to halt redemptions, setting off a course of action by the Bank of England and sparking widespread concern for greater financial stress. The U.S. dollar was crushed by falling Treasury yields, but its weakness was channelled directly through the Japanese Yen, New Zealand and Australian dollars. The reason for the divergence are yields as U.K. and German yields fell to record lows alongside Treasuries.
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