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Greenback Strength Abates, Providing Relief Among Majors

FOREX
  • The greenback sits softer early Friday as the currency pulls back a small part of this week's rally. Nonetheless, the USD Index remains stronger on the week by around 0.7%. GBP is similarly weak, allowing the EUR/GBP May pullback to abate slightly off the mid-month lows at and prevent the RSI from tilting into oversold territory.
  • Antipodean currencies are firmer, keeping AUD and NZD top of the pile in G10. NZD/USD remains pinned within the 50- and 100-dma channel, leaving 0.6275 as the main upside level. Market moves come ahead of the RBNZ rate decision next week, at which consensus looks for a 25bps hike to 5.50% - with a number of sell-side analysts switching their views to see a peak rate further north of current levels after this week's budget.
  • Weakness in the Chinese currency put in a minor reversal Friday, helping drag USD/CNH back below the 7.04 level - nonetheless, the onshore currency close cemented a 1% decline on the week.
  • A light data slate Friday should keep focus on the speaker calendar - with Fed's Powell, Williams & Bowman scheduled as well as ECB's Schnabel, Lagarde and de Cos. Canadian retail sales round off the week's economic releases, expected to slow to -1.4% from -0.2% prior for the headline.
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