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Greenback Eyes 50-dma Support - Last Crossed in February

FOREX
  • The greenback traded lower into the Asia close, helping give most major pairs a boost across early European hours. EUR/USD traded a new monthly high of 1.0764 while extends the recent recovery to hit 1.2667 - narrowing the gap with key resistance at the 50-dma of 1.2775. The equivalent level for the USD Index rests at 101.326.
  • As a result, the USD's the poorest performing currency so far, although price action and volumes have thinned across the European morning. AUD and NZD sit at the other end of the table, firming against all others in G10 as global equity futures inch toward the best levels of the week.
  • AUD/NZD is more rangebound, with the cross seeing some support earlier in the week from the 50-dma crossing at 1.0925.
  • US personal income/spending data for April crosses later today, alongside PCE and the final UMich report for May. Central bank speakers are few and far between Friday, with no major speeches on the docket.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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