The dollar's consolidation accelerated late in the afternoon of Monday November 18, despite US Treasuries seeing their yields rise to 4.45%.

The US '10-year' deteriorated on Monday to 4.493%, the '30-year' to over 4.676%... but a slight upturn is now weighing on the greenback, which is down -0.35% to 106.30 ('$-Index') and nearly 0.5% against the euro to 1.0593 from 1.0535 around 1:30 p.m. (i.e. -0.15%).

The dollar is only holding its own against the yen (up 0.25%), but this is enough to offset the -0.4% against the Swiss franc and sterling.
Note the strong advance of the Australian dollar, which gained 0.7% against the greenback and 0.2% against the euro, and the recovery of the Canadian dollar (+0.55% to 1.400).
On Monday, the Yuan was the most neglected currency, gaining -1.1% against the euro (to 7.666), which corrects the Remimbi's +1.2% gain since last Wednesday.

The week promises to be a quiet one, with few major indicators on the agenda, the main event being Friday's publication of the 'flash' European PMI indices.

The themes that continue to preoccupy the markets are now well known: on the one hand, the effect of Trump's election, weak demand from China and disparate corporate comments on the third quarter", point out the teams at Edmond de Rothschild.

Investors fear that the 'pro-business' but also protectionist approach to China will lead to a resurgence of inflation, which could cause the Fed to slow down its rate cuts... or even not cut them at all on December 17/18 (it's a bit of a 50/50 situation now).

Finally, the £ is supported by British 'Gilts', whose yield has risen by +4.5ts to 4.518%.

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