US dollar catches a bid to hit session highs versus JPY, EUR and GBP

Dollar bids coming through

It's tough to find a fundamental underpinning to the latest move in the US dollar. It's more likely flows or position squaring ahead of Powell.

IF anything, the bond market is dollar negative at the moment as US 10-year yields trail down to 1.299% from 1.310% earlier and that brings rates to flat on the day.

Perhaps that's some risk aversion creeping in but it's tough to find much evidence.

The core durable goods orders were a touch soft but that was mostly washed away by revisions to the June data.

In any case, the dollar is at the best levels of the day against the euro, pound and yen after 10-15 pip moves in the past 15 minutes.

So far, cable is holding yesterday's low:

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August 26, 2021 at 12:46AM
Adam Button
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