US Dollar nears yearly lows with investors storming into Asian markets
- The US Dollar is under pressure after investors are relocating investments.
- Recession fears are emerging again for the US after a batch of weak economic data.
- The US Dollar Index flirts with a fresh 15-month low and could slip below 100.00 if more selling pressure occurs.
The US Dollar (USD) trades flat in the early European session on Wednesday after easing against most major Asian currencies, such as the Chinese Yuan (CNY) or the Indian Rupee (INR), overnight. The reshuffle comes after investors relocate their investments from the US to Chinese equities. The move is triggered by a massive stimulus plan from the Chinese government that was implemented on Tuesday.
On the economic data front, there is a very light calendar ahead, with no real market-moving data on Wednesday. One element that might draw some attention is comments from Federal Reserve (Fed) Governor Adriana Kugler, who delivers a speech about the US economic outlook at the Harvard Kennedy School in Cambridge, Massachusetts. From there, markets will be on edge over the US Q2 Gross Domestic Product (GDP) release, and Fed Chairman Jerome Powell set to speak on Thursday.
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