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Dollar Led by Yields, as US10y Rolls Off Cycle High

FOREX
  • The greenback is the poorest performer so far Tuesday, with markets receiving a dose of risk-on as US 10y yields rolled off the cycle high printed just ahead of the European open at 4.3618%. Equities gained, while the dollar faded, allowing the e-mini S&P to show above the Monday high having built off the 100-dma support line last week.
  • USD weakness has favoured the major pairs, putting EUR/USD on course for a test of 1.0931 resistance and GBP/USD within range of 1.2800. A break and close above this mark would be the first since early August.
  • AUD and NZD are furtively the strongest performers, extending the bounce off last week's lows. Nonetheless, the broader downtrend remains intact, with AUD/USD eyeing 0.6365 and NZD/USD watching 0.5897 as the next key downside levels.
  • US existing home sales and Richmond Fed Manufacturing data is top of the docket Tuesday, as well as the beginning of the BRICS summit in South Africa. Fedspeak picks up ahead of the Jackson Hole summit later in the week. Barkin, Goolsbee and Bowman are set to speak across US hours.
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