Greenback heading higher into NY crossover....>

FOREX: Greenback heading higher into NY crossover

-After a particularly muted Asia-Pac session, European traders were happy to buy

the greenback throughout the morning, once again at the expense of GBP. A wave

of USD buying sent both EUR/USD and GBP/USD to the week's lowest levels, with

the greenback receiving some modest yield support as the generic US 10y yield

bounced from overnight lows (although remains well below the Monday's open at

2.1465%.

-For a second consecutive session GBP is the poorest performer, keeping GBP

bears on track to test the YTD low at $1.2440. EUR/GBP also hit multi-month

highs this morning, with the January highs of Gbp0.9108 well within range. The

cross has, however, dipped slightly lower as Germany's ZEW survey missed

expectations.

-Attention turns to the busiest data day of the week, with US retail sales,

import/export price indices and June industrial production all due. Speeches are

scheduled from BoE's Carney, Fed's Bostic, Powell, Bowman, Kaplan and Evans.