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EghtesadOnline: The dollar has lost nearly all its gains enjoyed since President Donald Trump’s election victory in November after the failed health-care deal last week cast doubt over the fate of the U.S. leader’s economic plans.

Treasuries rallied and the Bloomberg Dollar Spot Index sank below its 200-day moving average to reach its lowest level since Nov. 10, two days after the U.S. election. Leveraged funds, Tokyo-based funds and companies sold the greenback on weak U.S. stock futures and month-end flows, according to foreign-exchange traders, who asked not to be identified as they weren’t authorized to speak publicly, Bloomberg reported.

“The market is well and truly trading the Trump fallout and it’s now being expressed across the whole macro space,” said Greg Matwejev, portfolio manager at Morris Capital. “These moves have just started getting traction and have a lot more to run.”

  • BBDXY slides as much as 0.4%, extending two-week drop; Dollar Index drops 0.3%
    • Clients see the dollar as susceptible to decline while waiting on news of U.S. tax reform, a trader says
    • Treasury 10-year yield slips 5bps to 2.37%; reached 2.36%, lowest since Feb. 28
    • Yield may fall to test Jan. 17 low in short-term after breaching 100-DMA support amid risk-off sentiment following the withdrawal of bill to replace Obamacare, according to Bloomberg FX strategist David Finnerty
  • USD/JPY tumbled as much as 1% to reach 110.26, its weakest level since Nov. 18
    • Pair targets immediate support at 200-WMA and psychological 110 level, Morris Capital’s Matwejev says; break should see “decent” stops tripped and support gaps away to target the 200-DMA at 108.20
  • A BOJ board member said it will be a “considerable amount of time” before the central bank needs to change its monetary policy, according to a summary of opinions expressed at the March 15-16 policy meeting
  • EUR/USD rises to 1.0849, strongest since Dec. 8 and approaching 200-DMA at 1.0882
    • Merkel’s victory in German state elections and Trump’s failure to repeal Obamacare saw macro funds buy the euro from the open, according to an Asia-based trader
  • Gold prices climb 1% to 1,256.70
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