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Dollar on Top, With Greenback Uptrend Intact

FOREX
  • The USD Index remains on top, with the greenback stronger against all othes in G10 and keeping the uptrend intact following Wednesday's Fed decision. This has resulted in further cycle lows for a number of pairs - most notably EUR/USD and GBP/USD, which remain weak headed through to the NY crossover.
  • The UK mini budget (also known as the 'Growth Plan') has seen GBP stabilise off the lows, but hold uncomfortably close to multi-decade lows against the USD. The mix of aggressive tax cuts and pro-growth policies has led to a sharp uptick in the Gilt yield curve and implied interest rate hikes over the medium-term, possibly raising further the concerns of a staglationary environment in the UK across the coming few years.
  • Bearish trend conditions in GBPUSD remain intact and the pair continues to weaken. The move lower maintains the bearish price sequence of lower lows and lower highs, signalling scope for a continuation. Note that moving average studies are in a bear mode set-up too. The focus is on the 1.1100 handle next.
  • Focus turns to Canadian retail sales for July and the prelim September read for US manufacturing, services and composite PMI. The central bank speakers slate sees appearances from ECB's Nagel, SNB's Jordan and Fed's Powell, who speaks at a 'Fed Listens' event.
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