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Early EUR Gains Keep USD Indices Down

FOREX

The USD is slightly softer in early dealings. The BBDXY is back to1250, down around 0.10% versus NY closing levels. The exception is USD/JPY which is drifting higher, last near 147.20 as we continue to recover from the sharp pull back seen on Monday. Overall moves are modest though. Japan PPI data continued to show slowing y/y momentum.

  • We saw a sharp rise in EUR/USD late in NY/very early Asia Pac on a hawkish Reuters ECB article around the ECB's 2024 inflation forecast (see this link for more details). This comes ahead of tomorrow's ECB meeting. The pair moved from 1.0730 to 1.0760, before stabilizing. Subsequent dips back towards 1.0750 have been supported.
  • NZD/USD is a touch higher near 0.5910 currently. Earlier data showed house sales continuing to rise in August (+9.2% y/y), while prices rose 0.9% m/m, but were still down 4.7% y/y. Food prices for August rose 0.5% m/m, reversing last month's -0.5% dip.
  • AUD/USD is close to unchanged at 0.6425.
  • Cross asset signals are relatively muted at this stage. US yields are a touch higher in early trading. US equity futures sit a touch weaker.
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