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USD Index Sits at Midpoint of Week's Range Ahead of Key Data

FOREX
  • The USD Index is sticking to the midpoint of the week's range headed through to the NY crossover, as markets tread water ahead of a busy Friday session: both the BoJ decision and a large number of CPI and GDP releases from across the Eurozone are scheduled to round off the week.
  • The JPY is the poorest performer on the day, helped by the recovery off yesterday's lows in USD/JPY at 133.01. The move has been aided by a pause in the pullback for equities, as the e-mini S&P bounces off yesterday's bearish close. The BoJ decision on Friday could be key for short-term sentiment. Consensus looks for no change due to the relatively short period of time that has elapsed since Ueda took up his new post as well as existing BoJ forward guidance, the underlying BoJ view on inflation and continued jitters surrounding the U.S. banking sector. There may be a tweak to the forward guidance, removing the reference to COVID-19, but that shouldn’t be viewed as substantial, if it is indeed forthcoming.
  • NZD takes up the top spot on an intraday basis, putting NZD/USD through yesterday's high and within range of the 200-dma to the upside at 0.6161.
  • Later today, US data takes focus, with advanced US GDP for Q1 the highlight, ahead of pending home sales and the Kansas City Manufacturing Index. ECB's Panetta is the sole speaker today, commenting on the future of the digital Euro jsut after the European close.
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