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USD Weakness Across The Board Amid Risk Rally

FOREX
  • The greenback extended on post-FOMC losses on Thursday. Persistent weakness saw the dollar index retreat another 0.5%, with no immediate signs of any bounce.
  • The dollar sell-off was emboldened by buoyant risk sentiment, evident by both firm equities and a strong performance in the commodity space.
  • As such, Antipodean currencies performed well with Kiwi the notable performer rallying 0.94% and topping the G10 pile. Closely behind was the Norwegian Krone, extending on yesterday's rally, supported by stronger oil prices. EMFX baskets also took advantage of the benign conditions with sizeable gains in high beta ccys such as TRY, ZAR and BRL, all up over 1%.
  • Price action in the major pairs was lacklustre, with EURUSD (+0.35%) and GBPUSD (0.48%) moving higher in a slow grind, with the latter hovering just below 1.3990, a Fibonacci retracement and initial resistance.
  • USDCNH (0.53%)pulled lower, extending the rejection following the latest breach of touted resistance at 6.50.
  • An underwhelming second quarter GDP reading out of the U.S. as well as slightly higher than expected initial jobless claims kept the USD under pressure throughout the session.
  • Tomorrow's data calendar is fairly packed with European flash GDP prints to kick off before the Eurozone CPI flash estimate. The US session will be headlined by US Core PCE price index, with Canadian GDP and the MNI Chicago Business Barometer also on the docket.
Energy BulletsCommodities
Energy BulletsCommodities

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