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USD Index in Holding Pattern Ahead of the Fed

FOREX
  • Following the London close, a particularly strong pre-Fed US 20y bond auction worked against the USD, helping buoy EUR/USD off the day's lowest levels.
  • CAD was among the session's best performers, keeping USD/CAD's recent lows under pressure. A break below Monday's 1.2441 extends the current downtrend and would target 1.2278, the downtrendline drawn off the May 2015 low.
  • The single currency was among the session's poorest performers, falling against all others in G10. EUR/CHF's pullback from the 2021 highs accelerated, with prices now looking to correct back below 1.10.
  • Focus Wednesday shifts to the FOMC rate decision, in which the Fed will be eyed for any comment on the recent volatility in US government bond yields, which had unsettled markets in recent weeks. Elsewhere, Canadian CPI for February and US housing starts/building permits cross. The Brazilian central bank rate decision crosses after the US close.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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