The dollar is slipping

Good morning!

The US dollar is slipping as the post-Brexit hysteria starts to die down.

The dollar index is down by 0.6% at 95.93 at 7:34 a.m. ET.

“A measure of calm has returned to global financial markets. Yet as long as the terms and timing of Brexit are unknown, these markets remain vulnerable to renewed selling,” argued Marc Chandler, the global head of currency strategy at Brown Brothers Harriman, in a note to clients.

As for the rest of the world, here’s the scoreboard:

  • The British pound is finally catching a break. The pound is up 0.9% at 1.3347 against the US dollar. Separately, on Monday, the S&P cut the UK’s “AAA” rating to “AA,” the Fitch lowered its “AA+” rating to “AA.”
  • The Norwegian krone is stronger by 1.1% at 8.4755 per dollar amid a looming strike at various Norwegian oil and gas fields, which has pushed up Brent crude oil by 2.5% to $48.97 per barrel.
  • The Australian dollar is stronger by 0.9% at .7396 per dollar after falling sharply in overnight trade to a low of .7320.
  • The euro is stronger by 0.5% at 1.1080 against the dollar.

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