FX SUMMARY

USD under pressure throughout our European morning session.

• A continuation from the overnight Asian risk on session.
• Commodity bid helps the Kiwi and Aussie at the top of the pile in G10.
• A little perplexed by the risk on bid, which looked to have been driven by a tech bounce, although surprising given supply chain issues.
• The Dollar is struggling across the board with the EURUSD testing initial resistance at 1.2218 at the time of typing.
• Similar story for the British Pound also supported as the UK enter the next step in re-openings.
• Cable is testing trendline resistance circa 1.4216 (printed a 1.4220 high so far)
• The Greenback tested new session low against EUR, GBP, CHF, AUD, SEK, NOK, PHP, INR,, TWD, MYR, and IDR.
• Looking ahead, very little on the data front, but still plenty of speakers are scheduled, including BoE Bailey, Broadbent and Ramsden.
• ECB Lagarde at a prize ceremony, and Fed Kaplan in a panel discussion.