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Greenback Holds Close to Cycle Highs as Fed Minutes Underpin

FOREX
  • The greenback remains solid following Wednesdays' Fed minutes release, which underlined the hawkish bias present among the FOMC. The USD Index touched a fresh cycle high at 99.769 following the release, putting the USD at the best levels since May 2020.
  • The hawkish interpretation of the Fed minutes has been based on the Fed's speedy plans for the balance sheet roll-off, with the FOMC weighing a pace of reduction at $95bln per month, while accelerating the tightening cycle at a clip of 50bps at several rate decisions.
  • GBP is among the strongest performers in G10 so far, with EUR/GBP extending the recent downtick to touch 0.8314. This narrows the gap with 0.8296, the next key support which marks the mid-March lows. Weakness through here opens 0.8276, the 76.4% retracement of the Mar 7 - 31 rally as well as 0.8203, the Low from March 7 and the current bear trigger.
  • GBP, JPY are among the best performers in G10, while AUD, NZD are the weakest so far.
  • Focus turns to the weekly US jobless clams release, as well as scheduled speeches from BoE's Pill, Fed's Bullard, Bostic and Evans.
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