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Overview
As was likely to be the case given that newsflow over the weekend was relatively light and today’s calendar offered very little in the way of tier 1 data points or notable speakers, FX markets saw a relatively subdued session. Despite the USD-index initially being weighed on in early European trade and subsequently providing a modest boost to its major counterparts, the USD-index managed to pull back some of its earlier losses, with a lack of fundamental newsflow behind the move. EUR was one of the sessions outperformers despite the continued dovish tone form the ECB with RANsquawk sources noting real money demand for EUR/GBP. Elsewhere, despite trading lower overnight after some disappointing NZ data in the form of Westpac consumer confidence, NZD managed to pare back some of its losses and proceeded to trade in a relatively rangebound manner. Finally, RUB has continued to pullback from its record lows vs the USD as the effects of the Russian central banks rate hike and intervention appearing to be easing some of the nations currency headaches, with USD/RUB 31% below its record high. Other than that, today’s data points offered very little in the way of trading opportunities and as such participants now look ahead to tomorrow’s slew of tier 1 data release which include US durable goods, GDP, University of Michigan confidence, new home sales, personal income and PCE data.
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GBP/USD recovers toward 1.2450 after UK Retail Sales data
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