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Greenback Fading on Better Volumes Headed into London Close

USD
  • Fading greenback gathers pace headed into the London close - modest volume pickup across currency futures puts EUR/USD spot at the day's highs, with the rally accelerating on the break above 1.0934 (the earlier high) and 1.0946 (yesterday's high).
  • 1.0971 marks the next upside level, with market focus on the ongoing Powell testimony. The Fed Chair has said little new on policy - generally sticking to the recent MonPol themes.
  • Modest EUR strength also helps on the margin, as EUR/GBP narrows the gap with the post-UK CPI high at 0.8603. Recall earlier today demand for EUR/GBP upside had been a dominant theme in options markets, with the cross just below 0.8613 the Jun13 high.
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