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Greenback Extends Post-Bullard Move Higher

FOREX
  • Equities are weaker, with the USD stronger and yields retracing as the dust settles after a volatile Thursday session. Prevailing USD weakness that followed CPI has wholly reversed following Bullard's acutely hawkish comments after the London close, which continues to exert influence over markets this morning.
  • The USD Index has shown above the 50-dma, but is yet to make a convincing break above, and the considerable distance to the 2022 highs printed in late January leaves the greenback with a solid runway on any protracted rally.
  • AUD is the poorest performer so far, weaker against all others in G10 and putting EUR/AUD higher for a second session. The cross eyes near-term resistance at 1.6033 - the 50% retracement for the February downleg - and a consolidation above here opens 1.6226 over the more medium-term.
  • Lastly, JPY trades well amid equity market weakness, with a negative close across Asia-Pac markets feeding into lower futures across the US and Europe today.
  • The data slate is lighter for the rest of the session, with just the prelim Uni. of Michigan Confidence Survey due. Central bank speakers are similarly few and far between, but markets will be on watched for any further unscheduled commentary from FOMC members, after Bullard and Daly's impactful speeches yesterday.
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