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Greenback on the Front Foot Pre-Fed

FOREX

The USD is mildly stronger against the rest of G10 so far Wednesday, with EUR/USD plumbing new intraday lows just ahead of the NY open. Yesterday's reports that the ECB are studying the exchange rate with respect to Fed and ECB stimulus packages is clearly continuing to weigh, helping EUR/USD test yesterday's lows of 1.2108.

GBP generally trades well, with new multi-year highs of 1.3759 printed this morning in GBP/USD - although macro queues are relatively few and far between. Focus remains on the UK's vaccine rollout, with figures yesterday reinforcing the programme's importance after the UK hit the grisly milestone of 100,000 COVID-19 deaths.

Focus turns to the upcoming FOMC rate decision. The Fed are expected to make no material change to policy, but markets are on watch for any clues that the FOMC could decide to withdraw accommodative policy or taper their asset purchases as the US begins to emerge from the pandemic. Prelim durable goods orders also cross.

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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