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Greenback Inches Higher as Post-Fed Rally Extends

FOREX
  • The USD is again among the best performing currencies early Friday, with the post-Fed rally extending into a third session. The USD Index swiftly topped the Thursday highs, hitting new multi-month highs and the best levels since mid-April. This puts the index through key resistance at the 61.8% retracement of the April-May downtick, opening the next key level at 92.516.
  • GBP is less fortunate, and is among the poorest performers following a set of weaker-than-expected retail sales. Retail sales fell 1.4% on the month, well below the expected gain of 1.5%, raising questions about the UK's post-pandemic recovery, which has been fuelled by solid consumption.
  • By-election results in the UK also went against the ruling Conservative party, adding additional pressure to GBP/USD. The pair touched 1.3855 this morning, the lowest level since early May.
  • Data and speakers are light for the rest of the Friday session, with no scheduled releases or central bank speakers.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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