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Dollar Granted Some Reprieve

FOREX

The greenback is partially reversing the protracted downturn seen over the past
few weeks, but it remains far too soon to say the dollar's bottomed for
now. Having printed new multi-year lows of 93.476 yesterday, the USD index
has staged a minor bounce, but is still well below the Monday high.

European equities are mixed-to-higher early Tuesday and US futures
are generally continuing the modest upward trend seen into the Monday
close. Despite this, haven FX is stronger again, with JPY and CHF
among the best performers in G10. This has kept EUR/JPY from
challenging last week's highs at 124.29, with the cross correcting
back to trade either side of 123.50.

NZD and SEK are the worst off in G10, but within recent ranges.

US consumer confidence data is the highlight going forward as well as
earnings releases from Visa, Starbucks, eBay, 3M, Pfizer and McDonald's.
Markets may, however, trade noncommittally ahead of tomorrow's FOMC
release.

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