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USD Index Through to New Monthly Highs on European Political Angst

FOREX
  • USD's early strength Friday puts the USD Index clear of the early June high and the currency at the best levels since mid-May, largely as part of heavy pressure on EUR/USD since the European open (political angst the driver here, as covered above).
  • Pair is through the 1.0720 support, which also coincided with the 61.8% retracement for the Apr - Jun upleg, leaving 1.0675 as the next downside level of note.
  • Unsurprisingly, markets are busier than usual for this time of day (particularly for a Friday) - evident in EUR futures seeing close to 40k contracts trade ahead of 0830BST. That's not far of half of yesterday's total cumulative volumes of 97k by the US close.
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