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Greenback Back Above 50-DMA Support

FOREX
  • The greenback is clawing back recent losses in Tuesday trade, with the USD Index back above the 50-dma - which remains a key support with the level not convincingly broken so far this cycle. As a result, the USD is the firmest in G10, while NZD, SEK and the EUR are among the weakest.
  • Eurozone May CPI estimate was the data highlight - mimicking the Spanish, German and Italian inflation readings in coming in ahead of expectations: 8.1% vs. Exp. 7.8%. The release resulted in pressure on core Eurozone bond markets, with Bund futures and Italian BTPs both dropping lower upon release. EUR, however, has failed to follow suit, with the single currency drifting against most others in G10. EUR/USD has erased the Monday upside, with EUR/GBP narrowing the gap with support at 0.8500 and Friday's 0.8481.
  • MNI Chicago PMI is the data highlight going forward, with markets expecting the figure to moderate to 55.1 fom 56.4 previously. May consumer confidence follows, with Canadian GDP also due.
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