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Market Digest Hawkish BoK Minutes

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  • The heavily anticipated inflation prints from the US came and went, prompting no meaningful reaction in the greenback. Dollar Indices find themselves in minor negative territory on Thursday, despite US CPI readings beating market expectations.
  • An initial spike in the USD on the release was quickly faded as a deeper dive into the figures, failed to garner sustained enthusiasm.
  • EURUSD was confined to a 50-pip range over the ECB policy decision and press conference. Markets were given few clues regarding PEPP and future policy and as such, whipsawed either side of unchanged on the day. EURJPY however, did fail at the first notable resistance level of 133.81, the June 4 high, steadily retreating around 50 points thereafter.
  • Despite a choppy session, firmer equities drove stronger performance in the likes of AUD and NZD, rising around 0.3%. The outperformer in G10 is GBP (0.37%) after failing below 1.41, however, it is worth noting that GBPUSD spot resides unchanged from the negative EU comments that soured sentiment on Wednesday at 1.4170.
  • Overall G10 currencies have struggled to make any significant moves. Greater volatility was witnessed in EM, with substantial gains in both TRY (+1.96%) and ZAR (+1.08).
  • With the bulk of the event risk completed, few fireworks are expected on Friday. UK Industrial Production tomorrow morning before BOE's Bailey is due to speak at an online event. The US session will be headlined by University of Michigan Sentiment.