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Greenback Firmer for Fourth Session as Markets Adopt Cautious Approach
- Following a more tumultuous Wednesday session, GBP/USD is looking more stable, trading back to flat/minor positive territory to erase the ~30 pips losses suffered in Asia trade. Despite the more steady spot rate, the short-term outlook remains negative, with downtrendline resistance sitting just above at 1.2395, ahead of yesterday's highs at 1.2470. A break and close above here is required to steady the current bearish outlook.
- For a second successive session, NZD is the poorest performer in G10 - extending losses on the back of the unexpected declaration from the RBNZ that their tightening phase had concluded. This puts NZD/USD over 2.75% lower than pre-CB decision levels, and at the lowest level since November last year. Support undercuts at 0.6025, the 50% retracement for the October - February upleg.
- The greenback trades well, with markets adopting a more cautious footing after the warning over US' sovereign ratings from Fitch late yesterday. The USD Index is firmer for a fourth consecutive session, tipping the measure to a new multi-month high.
- Focus ahead turns to CB speak, with ECB's Villeroy, Centeno and de Cos on the docket as well as Fed's Barkin & Collins and BoE's Haskel. The data focus looks to weekly US jobless claims, secondary read for Q1 GDP and the pending home sales release for April.
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