USD Firmer Across The Board

The USD has pushed higher through the afternoon session. To be sure, gains have been fairly modest overall, but have been broad based. The DXY is back to 106.75, close to 0.20% above NY closing levels. This week the DXY has run out of momentum on moves into the 106.80/90 range.

• There doesn't appear to be a strong cross-asset driver of positive USD momentum. Regional equities in Asia Pac are in the red for the most part, particularly the key indices. US futures are modestly lower as well (-0.10%-0.15%).
• Still, dips in USD/JPY have been supported, with the pair getting to a low of 134.70/75 before rebounding. We are now back at 135.10. EUR/USD has drifted lower, back below 1.0170 now.
• The dip in AUD/USD was minimal following the weaker than expected July jobs report, but given the caveats placed on the print by the ABS, this is arguably not surprising. Still AUD/USD has faltered through the afternoon session to sub 0.6920. We remain above overnight lows (close to 0.6910) for now. NZD/USD has moved in line with the AUD mostly. The Kiwi is down at 0.6270.
• Firmer USD levels have also been evident across the USD/Asia complex. In particular, USD/CNH has rebounded, +0.20/0.25%, to be back close to the 6.8100 level.
• Looking ahead, the Norges bank decision at 0900BST is in focus, where the most recent July CPI print tilts the balance of risks to another 50bps rate rise.
• Philly Fed Manufacturing, jobless claims and existing home sales are the US data points of note with potential comments from Fed’s George and Kashkari to watch out for.