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US Dollar Remains Under Pressure, Extends Tuesday’s Decline

FOREX
  • The US dollar weakened for the second day in a row with the release of the FOMC minutes adding a late headwind for the greenback. While the information remains dated given the most recent US data, markets interpreted the minutes as dovish at the margin.
  • With front-end treasury yields shifting lower and stocks recovering off the lows in the aftermath, the US dollar remained under pressure.
  • A firmer commodity complex filtered through to AUD and NZD strength, once again the best performers in the G10 space, rising over 0.7%. With that said, greenback weakness was broad based with GBP, CHF, CAD and JPY all firmer on Wednesday.
  • EURUSD (+0.30%) gains mirrored the dollar index, narrowing the gap with next resistance at the Feb11 high of 1.1401. However, the pair remains well within the most notable technical range of 1.1280-1.1495.
  • The environment continues to be met with supportive price action for EMFX with the JPM Emerging Market Currency index rising 0.35%. Notable strength in ZAR (+0.85%) and MXN (+0.66%) with the latter currently testing the year’s lows/support around 20.25-28.
  • Aussie employment data headlines the APAC data calendar for Thursday, before a light European docket. US Philly Fed Manufacturing index and initial jobless claims will be released at 0830 ET. Fed’s Bullard and Mester both due to speak on Thursday.
Energy BulletsCommodities
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