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USD Sales Pick Up into WMR Fix

FOREX
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  • USD selling bias becoming more evident headed into the Friday WMR fix, with EUR/USD and GBP/USD now touching new daily highs and putting GBP/USD within range of 1.2701, the mid-week high and firm resistance. Clearance here opens firmer resistance and the bull trigger at the mid-April high of 1.2709.
  • USD move seemingly independent of the more muted equity and bond markets in recent trade - but is favouring precious metals, as gold takes advantage and narrows the gap with 2417.89 (late April high), and 2431.5 (Alltime high).
  • No specific news or data catalyst to drive greenback weakness - but volumes are lower than average for this time of day. EUR futures see cumulative activity around 15% below the recent average.
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  • USD selling bias becoming more evident headed into the Friday WMR fix, with EUR/USD and GBP/USD now touching new daily highs and putting GBP/USD within range of 1.2701, the mid-week high and firm resistance. Clearance here opens firmer resistance and the bull trigger at the mid-April high of 1.2709.
  • USD move seemingly independent of the more muted equity and bond markets in recent trade - but is favouring precious metals, as gold takes advantage and narrows the gap with 2417.89 (late April high), and 2431.5 (Alltime high).
  • No specific news or data catalyst to drive greenback weakness - but volumes are lower than average for this time of day. EUR futures see cumulative activity around 15% below the recent average.