XE Market Analysis: Asia – Jun 08, 2021
The Dollar was a bit softer in N.Y. trade on Tuesday, though was rangebound for the most part. An early drop in Treasury yields, reportedly the result of a large short position being unwound, saw the 10-year yield drop to near 1.51% from 1.57%, which weighed on the USD. The timing coincided with the release of the narrowed U.S. April trade deficit. We look for some FX consolidation to set in for now, as traders remain sidelined ahead of the ECB meeting, and the U.S. May CPI report, both on Thursday. The U.S.