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Greenback Buoyed as Equities Slip Through Cash Open

USD
  • The greenback gathers pace 15 minutes into the cash equity session, dragging EUR/USD 25 pips off the pre-open highs as the e-mini S&P extends slippage to new daily lows. The NYSE Tick Index showed only a modest selling bias through the open, helping contain any broader pullback and keeping prices close to Tuesday closing levels.
  • The USD uptick pressures GBP/USD toward the morning lows of 1.2510, but the level holds and contains prices through early NY.
  • The USD Index remains well inside the week's range amid more muted trade, as markets tread water ahead of the FOMC rate decision. Markets watch the range of 103.272 - 104.263 - a break of which in either direction will confirm a range breakout and prompt markets to consider the broader trend headed into year-end.
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