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USD Under Pressure As GBP Recovers Modestly

ByTalking Forex
Published 06/29/2016, 11:30 AM
Updated 07/09/2023, 06:31 AM

The USD has been under pressure against most of its counterparts today, with the exception of the JPY and CHF as the positive risk mood has been improved by cordial verbiage from both the UK and EU since the Brexit vote. GBP has also recovered to a modest degree, with cable pushing above 1.3500, while EUR/GBP is eyeing .8200 after tipping .8350 in the immediate aftermath. Strong gains in equities have seen the Dax up by around 1.5%, with Wall Street showing strong gains also to lift the related risk currencies. AUD/USD has gone on to hit highs above .7450, while NZD was outperforming early on in the session to retest the mid .7100s, while the AUD/NZD cross rate is eyeing recent lows also. Late in the day, the DoE reported showed a marginally higher draw on crude (than the API last night), but it was the drop in output which saw WTI and Brent rally to return the CAD below 1.3000 against the USD. 1.2900 the major level here, but now the focus as Tuesday lows being tested. Adding to the USD woes were a much softer set of pending home sales, while personal spending was a touch stronger against lower than expected income. EUR/USD has again tested into the mid 1.1100s, but is running into strong resistance here, but USD/JPY is holding up well despite resistance into 103.00. This is perhaps more telling, as the lack of upside in the current climate suggests another 100.00 test is still on.

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