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Fed Turn Down Opportunity to Extend SLR, Boosting USD

FOREX
  • In a surprise for many in markets, the Fed confirmed Friday that the pandemic era SLR policy would not be extended beyond the March 31st deadline, leading to an abrupt (albeit short-lived) slide in US Treasury prices. This, in turn, drove yields and the US dollar higher - which kept the USD among the session's strongest performers in G10.
  • GBP was among the session's poorest performers, with EUR/GBP bouncing off multi-month lows, but holding below the week's best levels. GBP weakness pressured GBP/USD briefly below 1.3850 before the pair recovered into the US close.
  • The JPY was non-directional despite the Bank of Japan decision to extend some flexibility to their into their yield band target.
  • NZD outperformed, but largely reversed modest weakness posted earlier in the week, doing little to rejig the technical outlook for now.
  • Focus for the coming week turns to UK jobs, retail sales and inflation data and prelim global March PMIs. Central bank decisions are due from Mexico, South Africa, Hungary and Thailand.
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