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USD Run Lower Continues; Key G10 Levels Crack

FOREX
  • Fresh lows hit in the greenback headed into the London close, with the USD Index comfortably clearing the April, February lows to touch the lowest levels since April last year.
  • No surprise to see a surge in currency futures volumes on the CPI release, with hedging markets activity following suit. USD/JPY and AUD/USD options markets have been among the most active.

A number of key levels crossed/broken across G10 FX:

  • EUR/USD through the May highs to print best levels since Apr'22
  • GBP/USD through 1.30 for the first time since Apr'22
  • USD/JPY through the 50-dma and testing the early June support of 138.45
  • NZD/USD nearing 0.63, would be first time above since mid-May
  • USD/NOK well clear of the early April low, lowest since mid-February
  • USD/CAD approaching 1.3117, lowest since mid-Sep last year
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