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Dollar Index Firms To 12-Week Highs

FOREX
  • The US dollar was consistently supported On Wednesday with the dollar index printing fresh 12-week highs, back above 92.30, up 0.42% on the day.
  • A solid ADP Employment headline of 692k and above expectation pending home sales continued to bolster the greenback as markets dealt with month-, quarter, half-end flows approaching the London WMR fix. Despite most month-end models signalling USD sales into June month-end, the price action suggested otherwise with some strong dollar buying.
  • USDJPY extended gains in the lead up to the WMR, briefly showing above the Monday high of 110.98. The move coincided with best volumes of the day for JPY futures, with just shy of 5,000 contracts changing hands inside the five minutes preceding the fix.
  • USDJPY went on to match 111.12 highs from last week. A breach would see the pair at its highest level since March 2020. Around $1.8b of 111.00 strikes are set to roll off July 2; volumes on DTCC show interest in July 2 111.40 strikes incorporating non-farm payrolls.
  • Elsewhere, EURUSD slipped to the worst levels of the week below 1.19 and was unable to recover amid the strong bid for the dollar, hitting fresh lows at 1.1845. Attention is on 1.1837, a Fibonacci retracement where a break would open 1.1704, Mar 31 low and a key support.
  • Bank of England Governor Bailey speaks tomorrow at 9am London. The US docket is headlined by weekly jobless claims and ISM Manufacturing PMI, however markets may patiently await the June Employment report due Friday.
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