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We started the day with the USD on the front foot against all its major counterparts, but with the exception of JPY. The negative risk tone is keeping JPY on the front foot, and despite the BoJ/MoF ‘risk’ seen at the recent lows, heavy stocks and commodity prices pressed USD/JPY towards the mid Feb base at 110.99. Elsewhere, Cable selling was quick to resume, though we did see an early reprieve above 1.4000 before extending lower again - to push below 1.3900. EUR/GBP finally broke above .7900, but progress through here is proving hard fought. Oil was on the downturn through the day, but after the DoE reported a smaller build than expected, we saw WTI turn higher, pulling USD/CAD off the highs after a relentless push up into the mid 1.3800’s. WE have since dropped back into the mid 1.3700’s. MXN and RUB pushed lower also, but traded levels – along with the CAD – are all inside familiar territory. EUR/USD continues to find support below 1.1000. Recent bids reported from 1.0950-80 have yet to be completely filled, and with the softer than expected US services PMI, we saw a sharp upturn back through 1.1000 along with Cable, AUD and NZD.
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