SUMMARY

A busy FX sessio, with plenty of early CB decisions.

• USD inderperforms once again, with better buying interest in Equities.
• Bank Indonesia left their reverse repo rate unchanged as expected at 3.75%
• BSP also left their rate unchanged at 2%, as expected.
• SNB were next on the heavy CB calendar, and have also left their Rate unchanged at -0.75%.
• Norway left their rates unchanged but moved forward the rate hike path.
• As such, NOK continued to extend gains, versus the USD. Highest since 2019Rate path brought forward, and broader USD weakness as well as higher Oil on the decline in US stockpile are all benefiting the NOK.
• USDNOK is 8.5887 at the time of typing
• AUD is the second best performing currency against the Greenback, up 0.75% and tested resistance at 0.7638 38.2% retracement of the 2013-2020 downtrend (printed 0.7640 high)
• GBP stays on the front foot, with market participants positioning for a Brexit deal.
• Talks here continues, with progress progress noted, but same sticking points remains (no change)
• Looking ahead, all eyes on the BoE, and on the data front, USD IJC, and speakers sees ECB Guindos and Schnabel