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Greenback Extends Tuesday's Modest Run Higher

FOREX
  • The greenback is extending the modest run higher posted into the Tuesday close, putting the USD Index within range of 103.00 as markets read positive tones into the meetings held between POTUS and Republican leaders. Resultingly, the USD is higher against most others in G10 - outperformed by only the NZD, led higher by a revision higher for RBNZ rate expectations at ANZ, who now see the OCR hitting 5.75% at its peak.
  • Focus ahead remains on the nearing X-date and the debt ceiling debacle in the US. The meeting held yesterday between POTUS Biden and Congressional leader McCarthy resulting in some greenshoots of optimism, as Biden curtailed the second half of his Asia trip to focus in on a debt ceiling resolution.
  • The risk backdrop is mixed, with US equity futures seen higher, while European indices are putting in a more modest performance. JPY is the poorest performer in G10 - helping tip USD/JPY briefly above the 200-dma at 137.07 for the first time since May 1st. Clearance and progress above here opens 137.77 and 137.91 for direction.
  • US housing starts and building permits data take focus going forward, with the central bank speaker slate similarly busy: ECBs Elderson, Centeno, de Guindos & Rehn are on the docket, as well as BoE's Bailey.
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