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USD Trades On Surer Footing, DXY Rises 0.35%

FOREX
  • The US Dollar trended weaker in early Wednesday trade, taking its cue from risk sentiment which was tilted to the downside.
  • Despite a recovery in major equity benchmarks, the greenback failed to retreat ahead of the FOMC minutes.
  • Following the minutes the USD took a very brief initial hit on the release as it was noted that there was no active discussion of rate increases larger than 50bps. However, the pop lower for the greenback was short-lived and the DXY looks set to post a 0.35% intra-day advance.
  • CNH (-0.82%) is the weakest performer following comments from Chinese Premier Li Keqiang. The yuan fell as his comments warned the world's second-largest economy is doing worse in some ways than when the pandemic first hit in 2020. Furthermore, Beijing recorded more Covid cases and the nearby port city of Tianjin locked down a city-center district prompting the offshore yuan to break a four-session advance.
  • EURUSD snapped its recent strength as the single currency fell back below $1.07. As noted, there is technical scope for further potential strength towards channel top resistance intersecting at 1.0840. Initial support remains at 1.0533, May 20 low.
  • Potential further comments from RBNZ Governor Orr overnight, who is due to testify before the Finance and Expenditure Select Committee, in Wellington.
  • Some European holidays in observance of Ascension Day on Thursday. Canadian March retail sales data is scheduled as well as the second release of Q1 US GDP. US April Pending home sales rounds off Thursday’s docket.
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