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Net Negative Data Impact For The Greenback, BBDXY Hovering Just Off Fresh Session Lows

USD

The BBDXY continues to build on the pullback from the recent highs after the failed showing above 1,250 yesterday, with today’s net U.S. data impact (headlined by a soft prices paid component in the ISM manufacturing survey and the notable downward revision in the Q1 final Unit Labour Cost reading) in the driving seat in recent dealing.

  • Only SEK & NOK are lower vs. the USD on the session, with the broader USD and U.S. Tsy yields currently operating a little off their post-data reaction lows.
  • FOMC-dated OIS last show ~7bp of tightening for June and ~17bp of cumulative tightening through the July meeting, consolidating lower after yesterday’s well-documented “skip” rhetoric from a Fed Governor & a ’23 voter. Beyond that, just under 40bp of cuts are showing through year end.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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