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Greenback Picks Up Into NY, Led by Yields, ECB Headlines

USD
  • USD picking up very modestly headed into the NY crossover, receiving a tailwind from the uptick in the US 10y yield to a new daily high at 4.1793. EUR/USD also eyeing latest ECB headlines, warning on capital charges over CRE risks.
  • Resultingly, EUR/USD dips back into the lower-half of the daily range, and is within reach of the morning lows at 1.0762. Clearance here would widen the daily range, opening yesterday's pullback low at 1.0742.
  • Price action has been generally muted across G10 so far, with volumes light (as has been the case all week): EUR futures see an uptick in activity on the last move, however cumulative volumes remain ~15% below what you'd expect to see at this time of day.

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