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Greenback Follows 2y Yield Off Yesterday's Highs

FOREX
  • The greenback is extending post-Fed decision losses, with the USD Index slipping to the lowest levels since Mar10 in overnight trade. The main beneficiaries so far have been the AUD and GBP, which top the pile in G10 so far. The greenback remains highly correlated with front-end US yields, with the USD Index following the US 2yr yield off yesterday's highs at 1.9956% - which has moderated further through the European morning.
  • AUD/USD has managed to recover above the 200-dma at 0.7304, allowing the bearish corrective leg lower at the end of last week. This signals a possible resumption of the uptrend that started Jan 28. Moving averages remain in a bull mode and highlight an uptrend. An extension would open 0.7368, Mar 10 high and 0.7441, the Mar 7 high and bull trigger.
  • Following the solid close on Wall Street, European equities have had a more sanguine start, with focus remaining on the Ukraine conflict, as markets attempt to gauge the progression made in peace talks across the week.
  • Focus turns to the Bank of England rate decision, at which the MPC are seen raising rates by 25bps to 0.75% - with attention paid to the vote split among the rate-setting committee. Weekly US jobless claims data is also due, along with the February US Industrial Production read.
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