Daily FX Update

The USD is recovering as global risk appetite softens, pressuring major G10 currencies like the GBP and JPY which face idiosyncratic political risks. Markets anticipate rate holds from the ECB, BoE, and Banxico today.

Key Takeaways

• 1.The USD is extending a corrective recovery driven by soft risk appetite and idiosyncratic weakness in other G10 currencies.
• 2.Major central banks including the ECB, Bank of England, and Banxico are widely expected to maintain current interest rates in their upcoming decisions.
• 3.Political risks are significantly weighing on the GBP (leadership uncertainty) and JPY (upcoming Sunday election).

Table of Contents

• Overview
• USD Firm Amid Weak Risk Sentiment
• USDCAD (1.3685)
• USDCAD short-term technicals
• EURUSD (1.1795)
• GBPUSD (1.3608)
• USDJPY (157.15)
• TODAY'S CALENDAR

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