Savoring Success with Taste Nova Scotia Culinary Ambassador Amy Savoury | SaltWireSINGAPORE - Major global currencies were steady early on Monday but seemed poised to extend last week's uptrend as the dollar nursed its losses after the Federal Reserve dialled down its hawkish rhetoric.
Other indicators such as weakness in U.S. jobs data, softer manufacturing numbers from around the world and a decline in longer dated Treasury yields also hurt the dollar, while stoking rallies in sterling, the Aussie dollar and causing the yen to bounce from the weaker side of 150-per-dollar. Moreover, besides more evidence of a slowing U.S. economy, J.P.Morgan analysts say a sustained dollar selloff needs signs of improvement in the euro zone, China and other regions which it says are"still tenuous".Treasury yields slumped last week after softness in U.S. jobs and manufacturing data and after Fed Chair Jerome Powell spoke of 'balanced' risks. Also, the U.S.
Markets also imply around an 80% probability the European Central Bank will be cutting rates by April, while the Bank of England is seen easing in August. Sterling was last trading steady at $1.2368. Britain's GDP data for the fourth quarter is due this week and, while sterling rallied strongly last week in a market that is heavily short the currency, it is still down about 6% in four months.
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