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USD Backtracks Small Part of Post-Brainard Move

FOREX
  • The greenback is edging lower into the NY crossover, helping major pairs including EUR/USD and GBP/USD recover off the session lows. Despite the USD slipping lower over the past few hours, markets are yet to recover a major part of the post-Brainard moves posted yesterday, after the FOMC member argued in favour of a much faster, swifter QT process relative to post-Global Financial Crisis policy.
  • There's a tentative sense of risk-off evident in equity markets, with most continental indices lower by 1% or more, with continued weakness evident in French names as the polling lead for incumbent Macron narrows over his right-wing contender Marine Le Pen.
  • In contrast to stocks, haven currencies are weaker so far Wednesday, putting CHF and JPY at the bottom of the G10 pile. GBP and NZD are the firmest currencies so far, but recent ranges are largely being respected.
  • Data is few and far between Wednesday, with no major G10 releases outside of the Canadian Ivey PMI due at 1500BST/1000ET. This should keep the central bank speaker docket in the spotlight, with ECB's Lane and Knot due, as well as Fed's Harker and the much-watched release of the Fed minutes.
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