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Minor Bounce in Greenback

FOREX
  • The greenback is staging a minor bounce Thursday, rising against all others in G10 but doing little - so far - to work against the downtick posted since the beginning of the week. Strength in the USD comes alongside furtive gains for equities. Futures markets point to a positive open on Wall Street later today, with Biden's plans to relieve the spike in gas prices helping buoy sentiment.
  • EUR, JPY and GBP trade more mixed, with GBP/USD holding either side of the 1.3100 handle after better-than-expected final GDP data early Thursday.
  • Oil prices remain a key driver for commodity-tied currencies, with NOK and CAD among the weakest in G10. The downtick in WTI prices follows reports late yesterday suggesting the White House could take much more aggressive action to counter the strength in oil prices, with the impact compounded by confirmation that the Norges Bank are to sell as much as NOK 2bln per day in April as part of the government's FX management plans. EUR/NOK has traded a high of 9.7105 so far.
  • Weekly US jobless claims data crosses later today, alongside the latest PCE and personal income/spending release. GDP numbers from Canada cross ahead of the MNI Chicago PMI for March. The speaker slate is quieter relative to recent sessions, with just ECB's de Guindos and Fed's Williams on the docket.
Energy BulletsCommodities
Energy BulletsCommodities

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