Risk Keeps USD Buoyed

Extended its corrective pullback Wednesday to $1.1672 in European morning trade but managed to recover through release of flash PMI's to $1.1719, though failed to stretch on toward its 55-dma at $1.1737 (today at $1.1744). Rate reversed lower into NY, fresh sales taking the rate down to $1.1665. Rate recovered through the 1600BST fix to $1.1690 before resuming its down move to $1.1652 before closing the day at $1.1660. Early demand in Asia, prompted by a move higher in E-minis, saw rate edge to $1.1680 but move quickly lost momentum which saw it ease back toward its earlier low. Early Europe provided the added weight to extend slippage to $1.1645, the move looking to have targeted stops through $1.1650 with rate bouncing back to $1.1660. Resistance remains at $1.1680, with talk of stronger resistance between $1.1690/1.1700. Support $1.1645 ahead of the Jul27 low at $1.1639. Risk outlook remains soggy and seen keeping the USD buoyed. Real money EUR/USD sales have been noted, adding to IMM and leveraged name supply. Focus today on Germany Ifo at 0800BST(market looking for an improvement) then the ECB Economic Bulletin at 0900BST. US Weekly Jobless Claims and Home Sales provide US data interest. Fed Powell and other Fed officials on the docket, expected to again make calls for fiscal help from the Govt.