FOREX: Greenback Weakness Picks Up on the Way Through Yday's Highs

Greenback weakness beginning to show through across G10 despite the e-mini S&P recovering around half of the initial phase of weakness, and despite a stabilisation back above 4.50% for the US 10y yield.

• A show above 1.0461, yesterday's high, in EUR/USD may be partly responsible here, and clearly helped stimulate volumes across EUR futures, with the best volumes of the day going through at 1525GMT/1025ET - although cumulative activity so far today is very slightly below average.
• May also be worth noting that the 10am NY cut has now passed, and as such any marginal gravitational impact from the ~$10bln option notional tried to $1.0400-50 has now expired.
• The edge higher for AUD/USD puts the pair within range of some interesting levels: 0.6414 marks both the 100-dma as well as the 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg - so could trigger interest on a test.