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USD Following Risk Sentiment Cues, Tops 50-dma

FOREX
  • Markets have worked in favour of the USD so far Wednesday, with the USD Index making progress north of the 50-dma to extend the bounce off last week's lows. In contrast to the price action earlier in the week, the USD looks to be following equities and global risk sentiment more closely this morning, with the greenback gaining as the e-mini S&P ebbs. This differs from Tuesday price action which saw the dollar gain as the US yield curve steepened and the 10y yield rose to multi-year highs.
  • Despite moderately hawkish comments from ECB's Holzmann earlier Wednesday, the EUR trades lower ahead of the NY crossover, with sagging continental equities a focus. Weakness across the industrials and financials sectors has pressured the DAX, CAC-40 and others, with losses of over 1% across the board.
  • The data slate is relatively light, keeping focus on the slightly busier central bank speaker slate. NY Fed's Williams is due to speak directly on the economic outlook, marking the first major Fed comms since last week's disappointing Nonfarm Payrolls print. He speaks at 1810BST/1310ET. A number of BoE members appear in front of the Treasury Select Committee to discuss the August monetary policy report also.
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