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Greenback Offered Ahead of ECB

FOREX
  • The greenback trades poorly early Thursday, with the USD index ebbing lower for a third consecutive session. This reinforces the importance of the 200-dma in the USD index, which could remain a key level on any resumption of strength. First support undercuts at 91.426/91.211.
  • Data and newsflow have been few and far between, but the upcoming Bank of Japan meeting (next week) is still a focus, with source reports this morning further suggesting the board could tweak their yield curve control approach as part of their policy review. JPY is also weaker, with EUR/JPY nearing the late February cycle highs of 129.98.
  • AUD, NZD are the strongest performers so far, buoyed by persistent strength in equities, with the e-mini S&P narrowing the gap with alltime highs to just 30 points.
  • Focus rests on the ECB rate decision, with markets awaiting the ECB's take on the recent volatility in global bond yields. Markets continue to test the ECB's reaction function, particularly following the recent slowing PEPP purchases as part of their asset purchase program. Weekly US jobless claims data is also due.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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