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USD Undergoes Late Rally Into European Close

FOREX
  • Currency markets are being led by fixed income here, with the greenback putting in a pre-London close rally to help USD/JPY back above Y135.00 and within range of the next upside level at 135.47.
  • Moves coincide with re-jigging of Fed implied policy path after the University of Michigan sentiment data, which showed a stubborn turnout for inflation expectations (4.5% vs. Exp. 4.4% for 1y, 3.2% vs. Exp. 2.9% for 5-10y).
  • NZD remains the poorest performer of the session so far, tilting NZD/USD through both the 100- and 50-dma to narrow in on the $0.62 handle.
  • Despite the more active morning across currency futures, there is evidence that volumes have faded through the NY crossover, with the fade in EUR/USD seeing lighter participation relative to this morning's European trade.
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