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Equities Advance Further Weighs On Greenback, EMFX Outperforms

FOREX
  • Despite the most recent downtick, the overall supportive price action for major equity benchmarks, and US yields hitting the lowest levels of the session are weighing on the dollar index, which now sits around 0.4% lower on Tuesday.
  • In G10, the likes of EUR and GBP are performing well, both rising around 0.45% and while USDJPY is unchanged on the session, the latest price action has prompted a decent 50 pip selloff for the pair to 148.55.
  • USDJPY support at last Tuesday’s low of 147.43, remains intact. The recovery from this level last week is bullish and - for now - the uptrend remains intact. Clearance of 147.43 would be a bearish development and signal scope for a deeper retracement. On the topside, a clear break of the 150.00 handle would be required to reinforce bullish conditions.
  • For EURUSD, the pair looks set to finish higher for a fifth consecutive session on Tuesday, showing above the 20-day EMA in the process. As a result, the outlook is beginning to improve for the pair, however momentum measures and the medium-term trend direction remain lower for now.
  • The softer greenback and improved sentiment have underpinned a solid recovery for the likes of MXN and ZAR, both rising over 1.3%.
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