Greenback Still in Demand 17/5/2013
The risk sentiment deteriorated after the disappointing US data released across the week. The US dollar remains bid, yet the fading speculations on the hawkish Fed moderated the recent USD-bull. Euro and Sterling retraced gains, while the selling pressure on Aussie gathered curiosity.
Released this morning, Euro gave little reaction to 7% drop in construction output over the last year, while the Turkey’s upgrade to investment grade by Moody’s triggered an impressive TRY unwind to our surprise.