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FOREX: Greenback Hits Highs Through London Close

FOREX
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Greenback edges to new daily highs alongside the London close, helping GBP/USD fade through earlier lows and open an 80 pip gap with the overnight highs.

  • No specific headline or news trigger behind the greenback move, but persistent gains for US yields and the steepening of the curve are helping the case - Treasuries have extended losses following the modestly higher than expected New Home Sales data, with Treasury supply still to come later today ($28B 2Y FRN Note, $62B 17W bills and $70B 5Y notes).
  • Influx of potentially large corporate issuance from Oracle and Saudi Aramco also being absorbed, with the ripple effects leading through to dollar strength in recent trade.
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Greenback edges to new daily highs alongside the London close, helping GBP/USD fade through earlier lows and open an 80 pip gap with the overnight highs.

  • No specific headline or news trigger behind the greenback move, but persistent gains for US yields and the steepening of the curve are helping the case - Treasuries have extended losses following the modestly higher than expected New Home Sales data, with Treasury supply still to come later today ($28B 2Y FRN Note, $62B 17W bills and $70B 5Y notes).
  • Influx of potentially large corporate issuance from Oracle and Saudi Aramco also being absorbed, with the ripple effects leading through to dollar strength in recent trade.