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A negative start

USD
  • The dollar is on the back foot today, with market participants fading some of the 2024 rally, US Yields have also faded somewhat, as Tnotes (TYH4) fails to break the 2024 low, printed on NFP day at 111.06 Yesterday, and the contract is still short of the last Dovish FOMC, where TYH4 was trading at 110.30 pre decision and presser.
  • Treasuries futures are bid this morning, which is so far helping underpin EGBs.
  • Overall the Dollar is deep in green territory for the past 5 days or even YTD.
  • For today, the Yen is the best early performer, after USDJPY managed to drift back below 148.00, now down 0.22% at 147.82, but off 147.69 the overnight printed low.
  • Resistance in USDJPY is at 148.52 Yesterday's high.

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