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USD Softer Pre-Powell, Clarida Speeches

FOREX
  • The greenback trades lower across the board, with the USD index hitting new April lows this morning and eyeing the key support at the 91.578 50-dma. Antipodean currencies are the main beneficiaries, with AUD and NZD outperforming ahead of NY hours.
  • The RBNZ rate decision overnight saw rates unchanged, but some sell-side outfits eyed less dovish language in the policy statement, as the bank no longer stressed the possibility of negative interest rates going forward. The subsequent NZD strength is erasing the late-March weakness, with NZD/USD nearing the 100-dma at 0.7148 which becomes the first target.
  • Risk sentiment is positive, with the e-mini S&P holding just below the late Tuesday highs which marked a new record. Futures are universally positive in the US, with tech-led NASDAQ futures outperforming relative to both the S&P and Dow.
  • Focus turns to central bank speak, with key missives due from both Fed's Powell and Clarida later today. The data schedule is lighter, with just US import/export price indices on the docket.
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