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BBDXY Through 200-Day MA, Yen Still Leading The Charge

FOREX

The USD has continued to soften, with the BBDXY index now down -0.40% from the NY close, last at 1264.00/50, which puts the index below its simple 200-day MA (1266.36). This is the first break below this support level since late June 2021.

  • Yen remains the clear standout, with gains accelerating against the USD. USD/JPY hit a low of 136.50, we are now back around 136.60/65, still 1% down for the session so far.
  • There don't appear to be any yen specific drivers for the move other than catch up with overnight USD weakness (which JPY lagged).
  • After yen the next best performer is still NZD, holding above 0.6320, +0.40% for the session. Most other currencies are around 0.30-0.35% firmer against the USD, although CAD remains a laggard.
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