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The Dollar leads FX crosses

FOREX
  • Upside continuation in the Dollar dominates most of the early action this morning across assets.
  • The Dollar was up across all the majors, but has given some gains back against the NOK, CAD and the Pound.
  • The pound was under pressure, but saw a 41 pips jump in Cable, following news that the UK Gov't is bringing forward Medium-Term Fiscal Plan To 31 Oct.
  • Chair of the House of Commons Treasury Select Committee Mel Stride (Con, Central Devon) has confirmed that the gov't intends to bring forward its medium-term fiscal plan to 31 October, publishing a letter that he has received from Chancellor of the Exchequer Kwasi Kwarteng.
  • The worst performer against the USD in G10, is still the Aussie, but the currency if off its worst level after breaking below 0.6300, to print a 0.6288 low, and now back at 0.6310 at the time of typing for the AUDUSD.
  • AUDUSD printed its lowest level since 23/04/20.
  • EURUSD briefly tested below 0.9700, printing a 0.9682 low, but is now back above the figure.
  • USDCHF is just short of the main upside target, the May/June double top at 1.0065, which was also the highest print since 31/05/19, printed a 0.9991 high so far today.
  • Looking ahead, there's no tier 1 data for the session, with the US out for Columbus day.
  • ALL EYES are of course on the US CPI on Thursday. FMOC minutes are also due on Wednesday.
  • Today, sees ECB de Cos, Lane, Riksbank Ingves, Breman, Ohlsson, Fed Evans, Brainard, the scheduled speakers.
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