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Greenback in Retreat, But Week's Lows Hold

FOREX

Equities in Europe caught up with the stock sell-off Tuesday, with the EuroStoxx 50 shedding just over 1%, while US markets finished mixed. The greenback suffered Tuesday, but the USD index held above the Monday low, signalling little threat of a bearish breakout yet just yet. The 50-dma continues to cap prices at 93.281, but a break above would prove bullish for the greenback.

A bounceback for crude prices helped buoy commodity-tied FX Tuesday, resulting in CAD, NOK outperforming most others in G10, although CAD lagged slightly ahead of Wednesday's BoC decision.

Focus Wednesday turns to Australian CPI, which is expected to swing back into positive territory after indicating sharp downside price pressures throughout Q2. The Bank of Canada rate decision is also due, with the Bank seen keeping rates unchanged at 0.25%. Earnings season continues, with Boeing, Visa & Mastercard all due.

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