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USD Index in Holding Pattern Below 2021 High

FOREX
  • The USD Index holds close to Wednesday's multi-month high, with prices in a holding pattern just below 94.432. The slight slowdown in the USD's rise has worked in favour of the currencies hardest hit during the Wednesday rout, with GBP, AUD and SEK today trading slightly firmer.
  • Month-end flows are in focus, with most sell-side models pointing toward USD strength into the month- and quarter-end fix. How much of this flow has already been completed across the past few sessions is unclear, but the WMR fix will be carefully watched.
  • Elsewhere, NOK is extending this week's underperformance, extending the losing streak against the USD to five consecutive sessions. The roll off the highs for WTI and Brent crude oil prices as well as shakier risk sentiment across global equity markets are undermining the currency.
  • The US MNI Chicago Business Barometer takes focus going forward alongside prelim German CPI data and the weekly US jobless claims data. Central bank speak also takes focus, with appearances from Fed's Powell, Williams, Bostic, Harker and others alongside ECB's de Cos and Visco.

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