May 30, 2024 15:00 GMT
Greenback Fades to New Daily Lows Into WMR Fix
USD
- Latest phase of USD sales resulting in an extension of the recovery off bottom for GBP/USD. 1.2772 marks the first upside level of note, a break and close above which sees 1.2801 and 1.2859, the 1.236 proj of the Apr 22 - May 3 - 9 price swing into view.
- Currency moves coming through independently of rates, which are broadly flat through the London close, but worth recalling the broad majority of sell-side models pointed to USD sales into month-end (usually staggered across the last few sessions of the month, rather than the specifically in the final trading day of the month).
- USD Index now within range of next support at the 200-dma of 104.428.
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