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USD Remains Stronger Post-Yield Tumult

FOREX

After a tumultuous Thursday, markets are more sanguine this morning, but the USD has retained an underlying bid tone and is outperforming all others in G10 so far Friday. This is pressuring EUR/USD into close proximity to the Wednesday low and has prompted a sizeable pullback in GBP/USD - which is now over 300 pips off the weekly high.

  • ECB speakers have drawn focus this morning, with both Lane and Schnabel speaking. Schnabel stated that the ECB could act to add support should European government bond yields hinder growth in the region, while Lane stressed that the ECB has more ammo if required, but they are not engaged in yield curve control. The EUR is mixed this morning.
  • Commodity-tired and growth-proxy currencies are suffering slightly in a post-US yield rally hangover. Both AUD and NZD are the poorest performers so far.
  • Focus turns to another raft of US data, with January trade balance, wholesale inventories, and personal income/spending as well as the MNI Chicago Business Barometer. Central bank speakers include BoE's Haldane & Ramsden. There are no Fed speakers of note.
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