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Greenback Trades On Surer Footing As Equities Resume Decline

FOREX
  • The US dollar edged higher throughout the US trading session as risk-off sentiment prevailed across global equity benchmarks approaching the close on Friday.
  • G10 currency volatility remained subdued throughout the final trading day of the week as the focus remained on the sharp turnaround in equities as the S&P 500 registered a 20% decline from January’s high, set to enter bear market.
  • EURUSD fell just shy of Thursday’s high above 1.0600, with the single currency losing steam and settling back to trade at 1.0550, but retaining ~1.5% gains for the week.
  • Equity weakness weighed on the Australian dollar with AUDUSD retreating 0.5%. NOK was the poorest performing G10 ccy, down 0.94% against the greenback, erasing around half of the prior day’s advance.
  • German IFO data kicks off Monday’s data calendar with Canada out for a local holiday. Also, potential comments from Bank of England Governor Bailey. He is due to participate in a panel discussion titled "Monetary policy, policy interaction and inflation in a post-pandemic world with severe geopolitical tensions" at the Oesterreichische National Bank Annual Economic Conference, in Vienna.
  • European flash PMI’s hit on Tuesday with the RBNZ meeting and FOMC minutes highlights throughout the week.
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