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FOREX: Early Dollar rally falters after DXY touches multi-month highs
-While the USD was dominant from the off, pressing EUR/USD and GBP/USD to five
month lows, NY trading hours saw the greenback sold off, allowing most majors to
recoup the day's losses, prompting the USD to close mixed.
-AUD is comfortably the day's best performer, continuing to bounce from the near
one year lows in AUD/USD last week. While a firm uptrend is yet to materialise a
close above $0.7570 is now seen as a key level that would open up a test on the
50-dma at $0.7645.
-GBP sits at the bottom of the pile after failing to benefit from the USD
sell-off in US hours. Newspaper reports threatening a further general election
in Q3 put the pound under pressure from the off, which underperformed the EUR
despite political uncertainty still running rife in Rome.
-Tomorrow, key Bank of England policymakers are due to speak in front of the
Treasury Select Committee. Outside of London, Italy's President is due to meet
with party leaders after receiving nominations for the future prime minister. No
tier 1 data releases are due.