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Greenback Recovers Amid Subdued Volatility

FOREX

Major FX crosses hold tight ranges, with the U.S. dollar finding poise after a spell of weakness Tuesday. The extent of renewed greenback strength is limited, keeping EUR/USD within a ~30 pip range from parity. Data & headline flow has been light so far, keeping volatility in check, although participants closely monitor China's COVID-19 situation (no new cases outside of quarantine in Shanghai's latest count).

  • The Antipodeans have come under light pressure, even as U.S. e-minis trade narrowly in the green.
  • NZD/USD implied volatility creeps higher across the curve as the pair looks at a busy day ahead.
  • The RBNZ will unveil its latest rate decision later today, all economists surveyed by BBG expect a 50bp hike to the OCR.
  • The global economic docket for the remainder of the day is headlined by U.S. CPI, which will inform the Fed's next monetary policy review.
  • The BoK has just announced its rate decision, announcing an expected 25bp hike. BoC rate review is due later on Wednesday.
  • Other points of note today include final German & French CPIs as well as comments from Fed's Waller, ECB's Centeno & BoC's Macklem.
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