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Weak selling signal going into Month End

USD
  • Despite seeing a small push lower following a French inflation miss, coming below consensus, the EURUSD has not quite managed to break the 1.0800 handle, only printing a 1.0806 low, and short of the support still eyed at 1.0793.
  • The Dollar was and is still on the front foot during the European early session, and that is despite the US 10yr Yield falling and testing the 4% mark.
  • Some pullback off the high in Equities, may have been somewhat supportive, but looking at the last 5 days, the Dollar is mixed, with CAD up 0.74% and EUR down 0.55% for that period.
  • AUD was the overnight and early worst performer, after the Australian inflation came below consensus, but has been taken over by the NOK, as Oil (WTI) slips lower this morning.
  • Note that most desks only sees weak USD sell signal going into Month End.
  • Looking ahead, main focus will be on the Fed decision (expected unchanged rate), but we'll be getting US ADP, MNI Chicago PMI, and US Treasury Quarterly refunding before that event.
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