FX Update: The dollar traded firmer
FX Update: The dollar traded firmer by virtue of the euro taking a tumble amid a mix of soft Eurozone data and dovish remarks from ECB President turn, the pound taking a hit as it becomes ever more likely that arch Brexiteer Boris Johnson will be the new UK prime minister, and the Australian dollar taking a spill following the release of the RBA's June-meeting minutes, which signalled that a follow-up rate cut is in the works. Amid this, the USD index floated to a 15-day peak at 97.73, making this the fifth consecutive day of higher highs. The index had tumbled by nearly 2% between late May and June 7, when it hit a three-month low at 96.46. Since then expectations for the Fed to cut rates as soon as next month have plateaued while competing cases for easier monetary policy have emerged elsewhere. EUR-JPY led the quite sharp turn lower in the Euro, which saw EUR-USD tumble by over 50 pips in printing a two-week low at 1.1181. EUR-JPY dove by an even greater magnitude and also hit a two-week low, at 121.08. ECB President Draghi said that rate cuts and an expansion in quantitative easing are options if the outlook doesn't improve. The latest German ZEW survey also underwhelmed, while the Ifo institute announced a downward revision to its 2020 growth forecast for the Eurozone's dominant economy, to 1.7% from 1.8% previously envisioned. Cable, meanwhile, printed a five-month low at 1.2512, while AUD-USD also reached a five-month nadir, at 0.6831. USD-JPY carved out a two-session low at 108.19 in Tokyo trading before finding a footing in Europe.