Stocks Slump, Risk-Off Ahead of a Busy Data Week
Following last week’s 50 basis point rate hike by the Fed, Cleveland head Loretta Mester said on Friday that her estimate for rate increases is higher than those of her colleagues.
The Dollar Index (DXY), a popular measure of the Greenback’s value against a basket of 6 major currencies, rebounded to 104.15, up 0.86% from 103.22 Friday.
Risk leader, the Australian Dollar (AUD/USD) plummeted to 0.6704 from 0.6863, down 2.33%. The US Dollar also made strong gains versus the Asia/EMFX. USD/CNH (Dollar-Offshore Chinese Yuan) rallied 0.67% to 6.9900.
Sterling (GBP/USD) tumbled 1.85% lower to 1.2193 from 1.2429. The Euro (EUR/USD) slid 0.42% top 1.0636 (1.0686 Friday). Against the Japanese Yen, the Dollar (USD/JPY) rocketed to 137.70 (135.45).
Wall Street stocks tumbled. The DOW slumped to 33,243 from 34,023 while the S&P…