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FX SUMMARY

FOREX

A more steady session in FX, with most of the action seen in Govies and Equities.

  • USD was mostly mixed in G10 in early trading, but we soon reversed after Bund fell lower dragging other Bond lower and in turn pushing yield higher.
  • EURUSD tested key initial resistance at 1.2243 High Feb 25 (printed 1.2245 high today).
  • But the pair has since faded from best levels as yields drifts a touch lower.
  • USD is now moving into green territory in G10s,
  • DXY hover at session high.
  • The Dollar leads versus the Kiwi, now up 0.61%, and testing next small initial support in NZDUSD at 0.7203 (did print 0.7199 low).
  • Looking ahead, notable data will be the Canadian CPI, while we still have plenty of speakers for the rest of the day.
  • ECB de Cos, Lane, and Fed Bullard, Quarles, Bostic.
  • FOMC minutes will be the last event for the session, but likely to be a non event, with focus already turning towards Fed, ECB and BoE June meetings
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