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USD Edges Lower Before Stabilising

FOREX
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The USD loses some ground, but the BBDXY quickly recovers from worst levels, leaving the index comfortably within the range seen in recent sessions.

  • Newswire headlines have noted that the Chinese mega city of Shanghai has further loosened property market restrictions, with downpayments lowered and the interest rate on mortgages covering primary residences reduced.
  • This probably weighs on the USD via the rest of the world growth channel, although the move started before the headlines hit western news outlets.
  • Initial resistance levels in EUR/USD & GBP/USD are untouched.
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The USD loses some ground, but the BBDXY quickly recovers from worst levels, leaving the index comfortably within the range seen in recent sessions.

  • Newswire headlines have noted that the Chinese mega city of Shanghai has further loosened property market restrictions, with downpayments lowered and the interest rate on mortgages covering primary residences reduced.
  • This probably weighs on the USD via the rest of the world growth channel, although the move started before the headlines hit western news outlets.
  • Initial resistance levels in EUR/USD & GBP/USD are untouched.