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Greenback Advances Post Powell, UK GDP Awaits Friday

FOREX
  • After paying little attention to the uptick in US yields throughout Thursday’s session, 30-year auction results and a slightly hawkish Fed’s Powell have provided a firm bid for the greenback as we approach the APAC crossover. The USD index had held a fairly narrow range across the majority of Us hours, however, now stands with 0.3% gains on the day and is notably higher than the pre-NFP level from last Friday.
  • Trading in sympathy with the broader dollar index, EURUSD quickly slipped to fresh lows although is yet to break the cluster of lows around 1.0660, just above the pre-NFP data level at 1.0655. More notable support is at 1.0629, the 20-day EMA.
  • GBP and AUD were laggards on the session, falling around 0.45% against the greenback as the move higher for US yields eventually filtered through to weakness for major equity benchmarks and weighed on more risk sensitive currencies.
  • This sentiment more heavily impacted some emerging market currencies with the likes of USDZAR extending losses above 1% and USDMXN rising 1.5%. The latter was also aided by a small language tweak to the guidance from the Mexican central bank, bolstering a dovish reaction.
  • UK GDP data will be in focus on Friday before potential comments from ECB President Lagarde. In the US, preliminary UMich data on consumer sentiment and inflation expectations will take focus.
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