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Dovish Powell keeps the lid on USD

FOREX
  • Although off its best levels, the Yen has continued to extend gains, with the Dollar down 1.26% at the time of typing, after being down 1.5% earlier.
  • Lower US Yield and Risk on tone following a Dovish Powell yesterday, has kept the pressure on the USD, but off its worst levels.
  • Equities and Govies faded off their overnight and opening highs.
  • This was more of an unwind during the morning European session.
  • Worth keeping an eye on the Pound and Cable, testing the 200SMA at 1.2155, printed a 1.2155 so far today.
  • AUDNZD is also trading at its lowest level since March after breaking through the initial support at 1.0743, printed a 1.0728 low, ahead of next support area at 1.0694.
  • Looking ahead, US final Manufacturing PMI, US PCE core deflator, and ISM Manufacturing are the notable releases for this afternoon.
  • Speakers are, Fed Dobbeck, Logan, Bowman, Barr, and ECB Lane.
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