The dollar was falling along with Treasury yields amid concerns about the U.S economy losing momentum and elevated policy uncertainty under President Trump, Pepperstone strategist Michael Brown said in a note.
The Trump administration is doubling down on the idea of short-term economic pain for long-term gain, he said. Continued soft sentiment has sent yields lower. This puts pressure on the dollar with a “broader flight away from dollar-denominated assets also having a role to play here.”
Meanwhile, the market will be monitoring the U.S. Job Openings and Labor Turnover Survey today. A soft print would exacerbate existing nervousness over waning economic momentum, Brown says.
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