Greenback Enjoying Post-Fed Bounce

The greenback remains the key driver of currency markets headed into month-end with markets taking the opportunity to close out USD shorts following the Fed rate decision late yesterday. The bouncing greenback is keeping most major pairs under pressure, with EUR/USD now well back below the $1.18 handle - although is yet to test the week's lows of $1.1639.

The run higher in the dollar comes despite most month-end models still pointing toward USD selling into Friday fix, although the price action around yesterday's fix may suggest much of this flow has already taken place - but markets will remain wary for the next two sessions.

NOK, CAD and AUD are underperforming as the greenback strength weighs on commodities prices. Crude oil is off over 1.5%, while gold and silver give back 1% and close to 4% of their recent gains this morning alone.

US earnings take focus going forward, with tech giants Apple, Amazon, Alphabet and Facebook earnings all due today. That's a cumulative total of $4.9 trillion in market cap - or 17% of the S&P500 by weight.

Advance US GDP numbers take focus Thursday, with weekly jobless claims data also due.