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USD Index Remains Within Broad Uptrend

FOREX
  • Antipodean currencies outperform headed into the Thursday crossover, with AUD and NZD higher against most others. Despite the bounce off lows for AUD/USD, however, the bearish trend condition remains intact, with yesterday's 0.6357 low still within range and marking the bear trigger to open levels last seen in November.
  • The USD Index remains in the medium-term uptrend drawn off the mid-July lows, with the index holding just below yesterday's multi-month high of 105.024. The JPY outperforms modestly, with markets clearly still heeding the verbal intervention from both Matsuno and Kanda earlier in the week.
  • GBP is the poorest performer, resulting in fresh pullback lows for GBP/USD as the pair looks to the 200-dma at 1.2426 for support. BoE's Bailey appearing in front of lawmakers yesterday struck a somewhat dovish tone, stressing that the Bank of England are nearing the peak of their multi-year tightening cycle.
  • US and Canadian data take focus going forward, with US weekly jobless claims data as well as Canadian Ivey PMI for August on the docket. The speaker slate is similarly busy, with ECB's Holzmann, Fed's Harker, Goolsbee, Williams, Bostic and Bowman making up the busy slate.
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