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Extending lows in early trade

USD
  • The Dollar remains on the backfoot since the Cash Govie open.
  • The SEK is the best performer ahead of the Riksbank decision, when a 50bps hike is expected to be delivered, but looking at the chart USDSEK is just barely trading at Yesterday's mid range.
  • More interest in early trade is on the Aussie, which is trading down 0.27% against the Greenback, following a mix CPI for Australia, but the core components eased.
  • AUDUSD still trades at its lowest levels since mid March, with immediate support at 0.6590.
  • A clear break below the latter opens to the March low at 0.6565, which is also the lowest print since November.
  • In EURUSD, since the pair has had a small test below 1.1000, market participants will be taking note that there is 13.06bn worth of option expiry for today between 1.0900/1.1000.
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