The dollar started on the front foot today as equity selling pressure from Tuesday afternoon fed through into Europe this morning with the buck finding a haven bid. However, the risk complex was rangebound throughout most of the session, to find a bid in latter trade on new stimulus discussion hopes. The dollar reversed its gains and traded lower, with the index sub 92.50. Today’s jobless claims data was mixed, as was the Philly Fed, although it had little immediate impact on the greenback. Analysts at ING “remain of the view that the general direction of travel for global markets is warranting a weaker USD across the board, but uncertainty around these two factors may keep risk-assets at check heading into the weekend and put a floor below USD for now”.
