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Greenback Maintains Upward Bias In Late Session Trade

FOREX
  • The greenback maintains its upward bias in late session with broad dollar indices rising to session highs as we approach the APAC crossover. The DXY is now up 0.35% and has reversed the majority of Wednesday’s decline.
  • Standing out is USDJPY, which has briefly popped above the 143 mark for the first time since November last year as central banks on Thursday set a fairly hawkish turn placing upward pressure on core yields. Up next on the topside is 143.77, the 2.0% 10-dma envelope.
  • Interestingly, GBPUSD hovers just above session lows heading into the close, despite the hawkish surprise from the Bank of England. Markets continue to ponder the potential impact of a peak rate circa 6%, which explains GBP largely shrugging off the developments and trading on the heavy side heading into Friday. For cable, short-term support levels are well defined at 1.2680 (the May 10 high) and 1.2630 (the Jun 15 low).
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