BBDXY A Touch Firmer Post European & UK PMIs, Antipodeans Outperform

The BBDXY sits a little higher on the day, although a French PMI-driven move to session bests failed to test yesterday’s multi-month peak in the index, as the German and Eurozone PMI readings provided some counter.

• USD is mid-pack in G10 FX.
• EUR/USD only managed a shallow look through yesterday’s multi-month low on the French data, before rebounding, although bulls have failed to retake pre-data levels.
• GBP/USD is threatening to break yesterday’s worst levels, with a softer-then-expected UK services PMI, pointing to increased recession worry and continued loosening in the labour market.
• JPY was pressured as BoJ Governor Ueda stuck to a dovish script in his post-meeting address, although USD/JPY has failed to test yesterday’s high as of yet, backing away from best levels in recent trade.
• The Antipodeans outperform G10 FX peers, probably looking to firmer Chinese equities as a source of support.
• U.S. flash PMIs, Canadian retail sales, comments from ECB’s de Guindos and the first round of post-FOMC Fedspeak (Cook, Cook, Collins, Daly & Kashkari) are slated ahead of the weekend.