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Greenback Lower For Third Consecutive Session

FOREX
  • The greenback is leading losses Wednesday, putting the USD Index lower for a third consecutive session as markets continue to watch the tense situation in eastern Ukraine and any Russian response to Western sanctions pressures applied by the US, the EU and the UK yesterday.
  • Antipodean currencies are extending their relief rally, with AUD and NZD higher against all others in G10 so far. This keeps the uptrend in AUD/USD intact, with the pair now north of both the 100-dma of 0.7242 as well as the mid-February high of 0.7249. Similarly NZD/USD touched 0.68 in overnight trade, putting the pair at a fresh monthly high. This opens the 100-dma level at 0.6859.
  • Both EUR and GBP are more rangebound, with EUR/GBP holding just below 0.8350. Members of the Bank of England MPC are testifying in front of the Treasury Select Committee, in which members again stressed their focus on price setting and wages for the future of monetary policy.
  • Data releases are few and far between Wednesday, with no major releases due. This should keep focus on the central bank slate, with ECB's de Guindos & de Cos, Fed's Daly and BoE's Tenreyro due to speak.
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