USD: BBDXY Through Yesterday’s Base
Jun-08 14:57
The USD finds itself at the bottom of the G10 pile.
- The BBDXY is through yesterday’s lows as a result with the larger than expected uptick in the weekly U.S. IJC print (the largest single seasonally adjusted weekly increase since mid-Jul 2021) and hawkish speak from SNB President Jordan in the driving seat during the NY morning.
- The former has pushed U.S. yields lower, in a bull steepening move, while FOMC-dated OIS pricing hovers closer to post-data lows than early session highs (7bp of tightening showing for next week, a cumulative 18.5bp of hikes through July, followed by ~30bp of cuts through year end.
- NOK & CHF outperform within G10 FX, while the CAD struggles against the remainder of the G10 sphere, save the USD.
- USD/CHF has breached uptrend support drawn off the 4 May lows, hovering around CHF0.9000 at typing, narrowing in on the 50-dma at 0.8993 for direction.
- The BBDXY moves further away from multi-week highs lodged around the turn of the month.
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EURGBP TECHS: Clears Support for Fresh YTD Lows
May-09 14:54
- EURGBP plumbing new daily lows through the London close - these are new YTD lows for the cross and the weakness opens 0.8649 initially, the 76.4% retracement for the Dec 1 - Feb 3 bull run.
- EUR is now among the poorest performers in G10, having held its ground more effectively amid more hawkish commentary from a number of ECB members, who underlined the hawkish themes evident in Lagarde's press conference last week.
- Moves come ahead of this week's BoE meeting on Thursday, at which the Bank are expected to raise rates by a further 25bps.
US: MNI US CPI Preview: Sizeable Upside Risk To Core CPI Consensus Of 0.3
May-09 14:37
- We have just published and e-mailed to subscribers the MNI CPI Preview for tomorrow's release.
- Please find the full report including MNI analysis and summary previews from fourteen sellside analysts here: https://marketnews.com/mni-us-cpi-preview-sizeable-upside-risk-to-core-cpi-consensus-of-0-3
OPTIONS: Expiries for May10 NY cut 1000ET (Source DTCC)
May-09 14:22
- EUR/USD: $1.1050(E652mln), $1.1070(E1.1bln), $1.1100(E672mln)
- USD/JPY: Y135.40-50($952mln), Y136.00($822mln)
- AUD/USD: $0.6900(A$2.8bln)
- USD/CAD: C$1.3450($651mln), C$1.3600($786mln)
