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The Dollar remains favoured

FOREX
  • The USD remains king overnight and in early trade, as Equity are once again trading heavy.
  • Hawkish comments from Fed speakers, and investors looking for more aggressive hikes, has also been supportive.
  • The Dollar is still in the green against all G10, but has moved off its best levels at the time of typing.
  • While UK rates price more aggressive hikes, the Pound remains under pressure, as desk look for a faster pace towards a recession.
  • Cable tested support at 1.1890 Low Jul 21, printing a 1.1880 low so far.
  • Below the latter, opens to the 1.1850 area. Followed by the 1.1800 figure.
  • Further out, sees 1.1760 Low Jul 14 and the bear trigger, also the lowest print since March 2020.
  • The Yen has been under renewed pressure across the board in early trade but is off the lows at the time of typing.
  • USDJPY printed a 136.76 high, ahead of next psychological target at 137.00.
  • The SEK is still heading south since the Swedish CPI last week.
  • USDSEK has now over 5.42% from the August low, and around 4.66% post CPI.
  • Next immediate resistance is at 10.5568, the short term 76.4% retrace of the July/August fall.
  • EURSEK is up 2.93% from the August low and 2.44% post CPI.
  • Next resistance is seen at 10.66.
  • Looking ahead there's no data of note, and the only speaker will be Fed Barkin.
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