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USD Regains Lustre, Markets Suspect Month-End Flow

FOREX
  • The greenback initially traded steady-to-lower Wednesday, with EUR/USD holding close to recent highs ahead of NY hours. Markets changed tack into the WMR fix, however, with the USD index climbing back above the 90.00 and off yesterday's multi-month lows.
  • Most sell-side month-end models pointed toward USD demand into the May close, and with May's final fix falling on a UK bank holiday, markets suspect some of this flow may be brought forward into the final few sessions of this week.
  • NZD held its place among the day's best performers, although markets drifted off the multi-month highs printed at 0.7316 post-RBNZ decision. NOK and SEK were among the day's worst performers.
  • Notable data releases pick up Thursday, with Italian consumer confidence, weekly US jobless claims and prelim April durable goods orders on the docket. Pending home sales data also crosses which may be worth watching given the sizeable miss in new home sales earlier in the week.
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