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Needle Still Points South


Yields Bounce as Equities Make New Monthly Highs


Heading North


Bull Rally Accelerates


Economists Survey Raises 2021 CPI Forecast To 4.9%

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The greenback turned its tail and the DXY ticked away from a new one-year high registered in the course of Wednesday's upswing, which resulted in a failed attack at the 38.2% retracement of the 2020 - 2021 sell-off.

  • AUD caught a bid amid a jump in iron ore prices and improvement in broader risk tone evidenced by upticks in all three main U.S. e-mini futures. The rest of major commodity-tied currencies (NZD, CAD, NOK) followed suit and generally firmed a tad.
  • Offshore yuan gained some ground against the greenback following the release of China's PMI data. Official figures showed that the m'fing sector slipped into contraction for the first time since Feb 2020 but the non-m'fing sector unexpectedly returned into expansion, while Caixin M'fing PMI recovered more than forecast, returning to the breakeven 50 level.
  • European data highlights include final UK GDP as well as EZ & German jobs market reports, while in NY hours focus will turn to the third reading of U.S. GDP, weekly jobless claims and MNI Chicago PMI.
  • There is plenty of central bank rhetoric coming up today. The speaker slate is headlined by Fed Chair Powell, who will appear along Tsy Sec Yellen in front of the House Financial Services Committee.