FX SUMMARY

USD took its cue from US yields price action this afternoon.

• The Greenback has been better offered for most of the session as US yields moved lower, after Equity pared some gains.
• But US data spoiled the momentum after a decent beat in US PMIs and New homes sales.
• U.S. Business output expanded the most on record
• Equity spiked on the releases, in turn pushing US yields higher, which helped fade some of the USD weakness.
• Nonetheless, the US Dollar is still trading mostly in the red, against all G10s and EMs, beside the TRY.
• Looking ahead, BoC Macklem speaks to Parliamentary Committee.
• After market, Rating review::
• Fitch on Finland (current rating: AA+, Outlook Stable) & the Netherlands (current rating: AAA; Outlook Stable)
• S&P on {EU} the European Financial Stability Facility (current rating: AA; Outlook Stable), Greece (current rating: Greece BB-; Outlook Stable), Italy (current rating: BBB; Outlook Stable) & the United Kingdom (current rating: AA; Outlook Stable)
• DBRS Morningstar on {FI} Finland (current rating: AA (high), Stable Trend)