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Dollar Bounce Putting Major Pairs Under Pressure

FOREX
  • The greenback is staging a decent bounce after suffering through the bulk of the Monday session. The USD is trading at the day's best levels at the NY crossover, with the USD Index looking to progress through the Monday high.
  • The USD's strength has pressured EUR/USD through the Monday lows to hit the lowest level since April 22nd and (briefly) below 1.20.
  • Antipodeans trade poorly, with AUD, NZD the softest currencies so far Tuesday. The RBA rate decision saw policy unchanged, with the bank dropping the latest signal that their bond purchase program will be reviewed in July, likely shifting the 3-yr bond yield target to the November 2024 bond line. NZD/USD edged through the 50-dma at 0.7146 just ahead of NY hours.
  • Focus turns to US and Canadian trade balance data as well as March factory orders and final durable goods orders. Fed speak remains a focus, with Fed's Daly and Kaplan both on the docket.
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