Morning Comment

The Dollar continued its retrace higher yesterday, as Boston Fed President Rosengren highlighted that the Fed’s balance sheet reduction won’t be “all that disruptive”. President Trump has fired FBI Director Comey, with Senate Democratic leader Schumer calling for ‘independent special prosecutor’ for alleged Russian interference in elections. Quiet on the data front today, with ECB’s Draghi speaking this afternoon, while we have a number of Fed members speaking this evening and the RBNZ meeting later tonight.

 Euro/Dollar: Solid move lower yesterday on dollar strength, eyeing up support at the 200-day moving average at 1.0830.

 Euro/Sterling: Breached support at 84p this morning, with next level at 0.8314.

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