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Dollar Sold as Equity Hotstreak Continues

FOREX
  • The USD suffered Thursday, firstly in response to the ECB rate decision, in which the ECB made clear that an accelerated pace of PEPP purchases did not mean more stimulus was forthcoming. The greenback came under further pressure after the London close, however, following the 30y auction, in which a small yield tail at auction resulted in 10y yields dropping 3bps, pulling the rug out from under the USD index.
  • Equities traded firmly throughout, with US indices narrowing the gap with all time highs. The e-mini S&P traded 10 points shy of the record highs posted in February, a move that coincided with EUR/JPY making a test on 2021's best levels - which mark a three year high for the cross.
  • The upcoming Bank of Japan meeting (next week) is still a focus, with source reports this morning further suggesting the board could tweak their yield curve control approach as part of their policy review. JPY was one of the sole currencies to underperform the USD Thursday.
  • Focus Friday turns to UK industrial and manufacturing production data, the Canadian jobs report for February and US PPI. There are no central bank speakers of note.
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