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FX SUMMARY

FOREX

USD saw some continuation selling during our early morning European session.

  • The Dollar under performing against all G10s, and most EMs, beside the TRY.
  • The EURUSD regained most of the drop from yesterday after Lagarde's comment on negative rates.
  • The EUR was boosted by the broader USD selling and following this morning's PMIs data beat, which supported constructive recovery views in the street. EURUSD is just short of initial resistance at 1.2080, with the cross printing a 1.2062 high so far today.
  • The EUR leads against the USD in G10, up 0.36%, and the currency trades in the green versus all majors
  • AUD still leads against the Greenback in G10 following the upbeat unemployment forecast by Westpac, but has faded somewhat, now just up 0.38% after being up 0.43% earlier.
  • Next resistance in the AUDUSD comes at yesterday's high 0.7765.
  • Looking ahead, market participants awaits the Russian Rate decision, when Economists survey expect a 25bps hike to 4.75%.
  • On the data front, US PMIs are the notable release.
  • Mr Draghi is also set to reveal a draft of his recovery plan (EU220bn) to his cabinet sometime today.
  • Lagarde and Yellen are on a Bloomberg climate panel
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