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The dollar picked up some recently lost ground in N.Y. trade on Thursday, aided by outsized durable orders gains, and advance trade and inventory figures, which bumped up our Q2 GDP estimate to 3.0%. EUR-USD faded from overnight trend highs of 1.1776, dropping to 1.1650 lows. Read more
The dollar rebounded during the European AM session after posting fresh lows versus the euro, yen, Canadian dollar, and many other currencies during the Asian session, where markets digested Fed's statement of yesterday, which showed a higher degree of low-inflation angst than in the previous statement. Read more
The Fed's statement has put the dollar under the cosh, pushing the narrow trade-weighted USD index to a 14-month low of 93.0 while EUR-USD scaled to a 30-month high of 1.1776 and USD-JPY fell towards the six-week low at 110.62 that was seen earlier in the week. Read more
The dollar was rangebound ahead of the FOMC in N.Y. on Wednesday. The greenback initially bounced, then eased back after the Fed announcement, where rates were left unchanged, as expected. EUR-USD fell to 1.1629 from near 1.1650 before bouncing to 1.1706. Read more
OVERVIEW FX relatively quiet as the market awaits the FOMC decision. U.S. new home sales rose 610k in June, a similar pace to May that is in line with market forecasts. Australian CPI slowed unexpectedly in the second quarter, dampening rate hike bets. Australia's central bank governor Philip Lowe said he is "very comfortable" with interest rates at record lows. Swiss investor sentiment surged to its highest level since January 2014 in July. New Zealand posted a fourth consecutive trade surplus in June. HIGHLIGHT The UK economy remained in low gear in the second quarter after almost stalling at the start of the year. Read more
Sometimes it's worthwhile to show you something that doesn't pan out, just to show you that I don't cherry-pick data. It has to be worthwhile and reasonably consistent for me to include it in my surveys. Such is the case with corporate federal income tax payments. Read more
The trade-weighed USD index inched upwards, to a three-session high at 94.12 as market participants anticipate the Fed's policy announcement and guidance later today. USD-JPY lifted briefly above 112.00 during the Tokyo session before settling lower, while EUR-USD extended the correction from yesterday's 23-month high at 1.1711, ebbing to a low of 1.1612. Read more
The Aussie dollar took a rap following sub-forecast CPI data out of Australia, which came in at 1.9% y/y in Q2 versus the median forecast for 2.2% y/y, while the underlying rate remained stubbornly below the RBA's target range. AUD-USD is just off its lows, at 0.7884 bid presently, showing a 0.7% decline on the day as the London interbank market take to their seats. Read more
Decent incoming U.S. data supported the dollar in N.Y. on Tuesday, while earnings beats helped Wall Street, resulting in higher Treasury yields, also dollar friendly. EUR-USD topped at 1.1712 before profit taking took the pairing to 1.1646 lows. USD-JPY meanwhile, was supported by risk-on conditions, topping at 111.68. Read more
