Sudden USD strength ahead of Asian open by Milan Cutkovic

  • We are seeing broad USD strength in the market, just ahead of the NY close & the Sydney open
  • Nothing fundamental that could have triggered the move, it seems rather a combination of poor liquidity towards the NY close and overnight stops getting triggered
  • AUD/USD has now completely retraced the post-NFP rally, EUR/USD and GBP/USD are close to it
  • USD/JPY is very well bid and the S&P 500 has barely seen any downticks in today’s NY session
  • Looking ahead, the focus is now on the RBA
  • The rate decision and statement will be published at 0530 UK time; most analysts expect to see a 25bps rate cut

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