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Greenback Tops Key Tech Mark For First Time Since '21

FOREX
  • As the dust settles following the hawkish appearance from Fed's Powell yesterday, the USD Index built on recent gains overnight, confirming a key bullish break of the 100-dma. Markets broke and closed above this mark (today at 105.466) for the first time since June 2021 - a move which presaged a multi-year rally for the currency amid the Fed's post-pandemic tightening drive.
  • AUD and NZD trade more favourably, partially reversing the Tuesday weakness to rally against most others.
  • In her first public speech since being appointed to the BOE MPC in August last year, BoE's Dhingra confirmed her place on the dovish side of the bank board, voicing her preference for unchanged policy in the near-term for the Bank of England - raising further the risk for split votes at the MPC going forward.
  • JPY trades on the backfoot, keeping the week's best levels in EUR/JPY under pressure ahead of NY hours. A break above 145.57 would mark a significant bullish break for the cross - putting prices at the best levels since December. The equity backdrop remains supportive, with outperformance again noted in the Nikkei 225 overnight - futures traded clear of the Q4 2022 highs Wednesday.
  • Focus Wednesday turns to the Bank of Canada rate decision, at which the Bank are seen keeping policy rates unchanged at 4.50% for the first time since their tightening drive kicked off in 2021. USD/CAD prints a new YTD high at 1.3774 ahead of the NY crossover.
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