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Dollar Clawing Back Small Portion of Losses

FOREX
  • The greenback trades toward the top-end of the G10 table so far Friday, with the dollar inching higher against most others. This reverses a small part of the Thursday weakness, dragging EUR/USD off the 1.1692 highs to trade either side of the 1.1650 level ahead of NY hours.
  • Equity indices generally trade lower, with European markets off 0.5-0.8%. This has worked in favour of CHF which puts USD/CHF at fresh multi-month lows. This keeps focus on the 0.9100 handle, with EUR/CHF adding downside pressure. EUR/CHF has traded through the lows printed earlier in the week, putting the cross in close proximity to the 1.0607 level printed in July 2020.
  • NOK, NZD and SEK are the poorest performers, with the greenback, CHF and CAD among the strongest so far.
  • The US personal income/spending and PCE data later today takes focus, with PCE deflator seen inching higher to 4.4% for the Y/Y reading. MNI Chicago PMI crosses shortly afterwards, with markets seeing a moderation to 63.5. Canadian GDP and a joint meeting between G20 finance and health ministers are also due.
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