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USD Index Rises Above Pre-FOMC Levels, CHF & GBP Lead G10 Declines

USD
  • The continued recovery for the greenback has been extending in recent trade, with momentum picking up as the DXY trades through the pre-FOMC levels around 103.90.
  • A dovish Swiss National Bank and Bank of England are providing significant headwinds for CHF (-1.30%) and GBP (-0.94%), the notable underperformers on the session, which are likely assisting the latest upswing for the dollar.
  • In addition, firmer than expected US data is likely providing an additional greenback tailwind. Higher-than-expected Philly Fed business outlook and Manufacturing PMIs were then complemented by lower initial jobless claims and a jump in existing home sales, all underpinning the dollar bid.
  • The close proximity of major resistance in USDJPY (noted above) will likely continue to garner attention and could provide an obstacle for further protracted dollar strength as we approach the weekend.
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