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Dollar Favoured as 2024 Starts on Corrective Footing

FOREX
  • After a quieter start to the year, the dollar is faring better into the NY crossover, with an uptick in dollar demand (largely via EUR/USD selling), helping tip the USD Index into positive territory on the day. A modestly weaker equity backdrop and a pullback in core bond markets is also favouring the move.
  • PMIs from across Europe have had relatively little read through for market prices, as Spanish and Italian numbers came in mixed relative to expectations. ECB's de Cos spoke on monetary policy, and confirmed that the bank's messaging from late last year remains highly relevant, namely that: inflation is expected to continue to moderate, but uncertainty remains high - as such, timing of the first rate cut of the cycle is dependent on data outcomes.
  • Despite softer equity and bond markets, the CHF is the poorest performer across G10, partially reversing a small part of the solid rally into the end of the year. USD/CHF is over 125 pips off the 2023 and cycle low, however CHF weakness looks corrective in nature the longer the pair fails to break back above 0.8549.
  • Focus for the remainder of the Tuesday session rests on the US manufacturing PMI release and the November construction spending numbers. No central bank speakers are on the docket, leaving focus on appearances from Fed's Barkin and the Fed minutes release later in the week.
Energy BulletsCommodities
Energy BulletsCommodities

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