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Greenback Regains Posture in NY Hours

FOREX
  • Having traded poorly for much of the morning, the USD regained some posture throughout NY hours, helping drag EUR/USD off the day's best levels of 1.2266. An appearance from Fed's Clarida may have elicited some USD buying, as he stated that there may be a time in upcoming meetings when the Fed can discuss the scaling back of asset purchases.
  • The JPY traded poorly throughout, falling against most others in G10 as global equity markets made headway toward all time highs. The S&P 500 cash index traded within 25 points of the early May highs, while the Stoxx 600 in Europe hit another record level. This positive sentiment bled well into EUR/JPY which cleared resistance to trade at 133.61, the highest level since early 2018.
  • SEK and NOK were the strongest currencies in G10, while JPY and GBP traded poorly.
  • There are no material economic releases Wednesday, keeping focus on central bank policy for now. ECB's Villeroy, Fed's Quarles and BoC's Lane make up the speaker slate.
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