Dollar Falls With Treasuries Amid Fed, BOJ Countdown; Oil Rises
- Odds of a rate hike from the Fed this week remain at 20%
- Asian index futures mixed with Japan closed for holiday
Norman: Waiting on a Big Drawdown in Equities
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The dollar dropped with Treasuries as traders braced for key policy decisions in the U.S. and Japan. Oil rallied.
The greenback fell against most major peers, while 10-year Treasury yields rose two basis points as investors largely ruled out an interest-rate hike from the Federal Reserve this week and economists were split on whether the Bank of Japan will boost stimulus. The decline in the dollar bolstered investor appetite for raw materials from crude oil to gold. Equities in Europe and Asia climbed, while the S&P 500 Index failed to hold on to its rally as a slide in technology stocks overshadowed gains in bank shares. Nickel surged.