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AUD Outperforms, USD Falters Ahead Of Next Week's Central Bank Meetings

FOREX

The U.S. dollar index (DXY) traded on a heavier footing, moving away from a multi-year high printed on Thursday. The greenback was the worst performer among major currencies, with participants preparing for next week's FOMC meeting.

  • Greenback weakness may have been exacerbated by reduced demand for safe havens, with U.S. e-mini futures chewing into their opening losses. This train of thought is supported by observed CHF weakness.
  • The yen got some reprieve in the wake of Thursday's post-BoJ rout as Japan observed a public holiday. Liquidity over the next few days will be limited amid "Golden Week" market closures.
  • The yuan was unfazed by the second consecutive firmer-than-expected PBOC fix. While spot USD/CNH weakened in initial reaction, it staged a strong rebound, facilitated by China's pledge to maintain its Covid-Zero policy.
  • The Aussie dollar outperformed ahead of next week's RBA MonPol meet. Data released on Wednesday provided evidence of runaway inflation, raising pressure on policymakers to take action despite ongoing election campaign.
  • On the data front, preliminary EZ GDP & CPI data will take focus in European hours. Moving into the NY session, focus will turn to U.S. PCE, MNI Chicago PMI & U. of Mich. Sentiment as well as Canadian GDP.
  • The central bank speaker slate includes ECB's de Cos and SNB's Jordan, with Russia's central bank set to announce its rate decision.
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