FX Update- USD
The USD is flat to lower to begin the week with the USD Index marginally lower at 75.788 after trading above 76 overnight. EUR/USD, flat at 1.5011, fell as low as 1.4907 overnight which was its lowest level since the end of February. EUR/USD has since taken back its losses, but it’s once again testing the 1.50 handle after peaking out at 1.5083 overnight.
Cable is flat at 1.9211 following a choppy overnight session which saw GBP fall to its lowest level vs. USD since November ’06 at 1.911. Cable is currently testing coincident highs from November ‘06 around 1.915. GBP/JPY is down 0.5% to 210.67
USD/JPY, down 0.4% to 109.72, appears to be in correction mode after it was unable to sustain levels above 110 overnight. USD/CHF, down 0.3% to 1.079, has also come under pressure despite modest strength in equities. EUR/JPY is down 0.45% to 164.63.