FX Update- USD
The dollar has moved to intraday highs following the better than expected pending home sales outcome, as EUR/USD slips to trend lows under 1.5350, and USD/JPY pops to session highs near 109.70. U.S. equities have recovered some of their earlier losses, though remain well under water, while crude prices have edged back under the $120 mark, after peaking near $122 overnight. From here, dollar short covering is expected to emerge into the London close, and most expect further upside for the greenback to be limited through the remainder of the N.Y. session.