Modest extension to USD gains post Jackson Hole, but holiday thinned trade lacks conviction
|Very little to get excited about today, with a relatively quiet Asian session a sign that in the absence of London markets, there was to be little conviction overall. US personal income and spending were a potential driver for a more notable pick-up in activity, but coming in line with expectations, the modest extension in some of the major USD rates continued, and very modestly so. USD/JPY pushed through 102.00 in overnight trade, but Europe saw limited follow through to just shy of 102.40. EUR/USD opened around 1.1200 levels on the continent, with an early dip towards 1.1170 holding this level before traders started to grind away at buy orders into 1.1150 – this is ongoing. Similar price action seen into 1.3050 in Cable, but were seen some resilience here also. EUR/GBP is confined to the mid .8500’s as a result. USD/CAD has carved out fresh highs through 1.3000, but is also slow going as Oil prices have stabilised for now. AUD and NZD very much in the background, having found some support ahead of .7500 and .7200 respectively. AUD/NZD more of a focus having dipped under 1.0400 last week. In early Europe, Swedish retail sales disappointed, as were the business and consumer confidence indices in Italy.
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