fxstreet.com 23 Feb, 2021 05:00 am

Every man for himself

Every man for himself
Financial markets have an every man for himself look about them today, as various asset classes diverge in their own directions.

(Gold and crypto-Musk’s) Mr Powell's testimony this evening assumes a more significant than ever importance in maintaining the momentum of the trade.Asia has probably seen the best of the intra-day rally now, with the risks around the Powell testimony this evening likely to temper exuberance.Major currencies are mostly unchanged in Asia, with local markets content to wait for the Powell testimony this evening.00 an ounce today, with Asia unwilling to join the overnight rally ahead of the Powell testimony this evening.

That may explain why the US Dollar hasn't received a US bond lift, with the steepening of yield curves appearing to be globally synchronous now.My first thoughts are steeper yield curves worldwide should bring back the love to banking sectors in various parts of the world, perhaps even Europe and parts of ASEAN.

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