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USD Edges Lower Despite Yield Support

FOREX
  • Greenback edging lower in recent trade, in contrast with a pick-up in US yields which inch to new session highs despite slippage across US equity markets, as futures touch new pullback lows, chewing through the solid post-Fed gains posted Wednesday.
  • Resultingly, GBP/USD, EUR/USD touch the best levels of the day. Despite the lack of market-moving headlines or data flow, volumes are holding up well, with EUR, GBP futures trading close to average for this time of day. JPY is the standout here, however, with activity well below what you'd expect to see at this time of day - likely due to outsized volumes posted in recent sessions on the back of the BoJ's exit from NIRP.
  • The USD Index is softer, but remains within range of the recovery high. Intraday support undercuts at 103.991 - the 23.6% retracement for the upleg posted off the early March lows. Above here, the S/T outlook remains bullish.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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