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FOREX SUMMARY

FOREX

USD trades on the front foot in early European session, a continuation from the overnight price action, after consolidating some of the sell off post US NFP Friday.

  • The US Dollar is in the green against all G10, on the more positive risk outlook and in turn higher US yields.
  • The USD bid pushed back Cable towards the 1.3700 figure, traded 1.3702 low and at 1.3706 at the time of typing.
  • Reflation trade and tactical USD long have been favoured, on Covid vaccination roll out hopes.
  • SEK is the worst performer against the Dollar in G10, down 0.31%, but still trading with ranges, now at 8.3960.
  • USD is near session high against EUR, GBP, CAD, CHF, JPY, SEK, SGD, and MXN.
  • Looking ahead, no tier 1 data are left for the day.
  • Some focus on speakers this afternoon, with BoE Gov Bailey, Fed's Mester and ECB's Lagarde & Villeroy all scheduled.
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