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Equity Bounce Fades, Helps Tip USD Index to New High

FOREX
  • Equity markets remain the leading indicator for risk appetite following yesterday's late-in-the-day recovery rally. Prices have moderated slightly, with stock index futures in minor negative territory. As a result, the greenback and other haven FX including JPY are seen higher, helping the USD Index touch the best levels since Jan 10.
  • Despite slight outperformance among haven currencies, CHF sits at the bottom of the G10 pile, helping EUR/CHF bounce off multi-year printed yesterday at 1.0300. The reversal of CHF strength today will raise questions about the SNB's involvement in FX levels at this point, with the bank still committed to intervening across currency markets to avoid disorderly price formations in CHF.
  • Mimicking the price action across EUR/CHF, AUD and CAD are also bouncing, but both currencies remain well off the best levels of the week against the USD. This keeps a lid on AUD/USD at 0.7188 and USD/CAD at 1.2555.
  • US conference board consumer confidence data takes focus Tuesday, with the Richmond Fed index also on the docket. There are no central bank speakers of note.
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