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CROSS ASSET: USD Adds to Thursday Bounce, Equities Stabilise Above Lows

CROSS ASSET
  • Early Friday markets are picking up where they left off - the US equity sell-off into the Thursday close is largely holding. The e-mini S&P touched a new pullback low at 5570.25 just ahead of the cash close, making for a 0.8% drop on the session. Healthcare underperformed, led by Eli Lilly (-6.2% at the close), who slipped as Roche's competitor weight-loss drug saw stellar early results. 
  • Trump's RNC appearance saw the frontrunner touch on various issues and pick up his campaign where he left off before his eventful campaign event last weekend - he steered clear of major macro issues (e.g. The USD strength he criticised in his interview with Businessweek) but pledged to take action "green new scam" policies installed by Biden on his first day in office. 
  • The greenback is firmer, holding the bounce through Asia-Pac trade and well into the European morning - this is weighing on hold prices, which have now opened a 2.7% gap with the alltime high posted earlier in the week. 
  • Soft UK retail sales added more pressure on the already soft GBP/USD price, with 1.2927 the pullback low today, but clear of first support at 1.2902 and 1.2879. 
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