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Wave of Post-Fed USD Weakness Prompts Fresh Support Across G10

FOREX
  • The greenback is weaker against all others in G10 across early Thursday trade, as markets absorb the Fed decision and remain soothed by the general fade in peak Fed market pricing since Powell's press conference. The softer USD has aided gains in EUR/USD and GBP/USD, allowing for prices to partially erase the mid-July pullback.
  • The JPY is similarly weaker ahead of the BoJ decision on Friday. Implied JPY vols have surged considerably, with overnight contracts hitting the best levels since January and the last contentious BoJ decision - at which YCC tweaks were again speculated. EUR/JPY is firmer, bouncing well off the 154.89 low and steering clear of any test on the 50-dma support of 153.78.
  • Markets wade through several key risk events later Thursday, with the ECB decision expected to result in another 25bps step for the governing council, however the September guide will be in focus given the partial pricing of further tightening.
  • Tier one US data also crosses, with advance Q2 GDP from the US as well as weekly jobless claims. Lastly, the earnings cycle continues, with MasterCard, Bristol-Myers Squibb, McDonald's and Ford among the key releases.
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