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Greenback Remains Underwater Post-Fed, With Attention Shifting to Lagarde

FOREX
  • The greenback is maintaining the post-Fed losses, with the USD Index holding underwater for much of the European morning. The index is around 0.8% off the Powell press conference highs, but has clawed back a small part of the losses posted overnight.
  • Growth proxies and high beta currencies are favoured this morning, putting NZD and SEK at the top of the G10 pile. NZD/USD's overnight print of 0.6538 marked the highest level since early June last year, opening next resistance at $0.6576.
  • Meanwhile, EUR/SEK sits lower but holds close to the cycle highs printed this year at 11.4022. A hawkish turnout for the ECB could tilt the cross back above this level, putting EUR/SEK on track to test the pandemic high at 11.4262.
  • Focus rests on central banks for the rest of the Thursday session, with the Bank of England decision due first at 1200GMT/0700ET, followed by the ECB at 1315GMT/0815ET. Both banks are seen raising rates by a 50bps clip today, with attention turning to their subsequent press conferences for clues on the future trajectory for rates.
  • Outside of central banks, weekly US jobless claims data is also due, as well as factory orders for December.
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