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Equity Bounce Works Against USD

FOREX
  • Equities have recovered off the Monday lows, but the bounce has been somewhat shallow so far, with the e-mini S&P struggling to make headway above the 4600 level. Treasury yields have followed suit, with the 10y yield back above 1.42%. The greenback has subsequently softened, boosting EUR/USD and GBP/USD back to Monday NY highs.
  • NZD is the strongest performing currency so far Tuesday, prompting AUD/NZD to correct off the 200-dma at 1.0594, which marks the key upside level going forward.
  • Outside of developed markets, TRY remains the volatile currency, having rallied sharply Monday on the back of Erdogan's policy announcements looking to reverse the recent course of dollarisation. Markets expect further details at 1100GMT/0600ET. USD/TRY has traded as low as 11.099 having touching record high of 18.36 yesterday.
  • Canadian retail sales data marks the sole tier one release Tuesday, with markets expecting October sales to rise around 1.0% on the month. There are no notable central bank speakers, but markets may watch for comments from President Biden, who speaks on the US' COVID approach at 1430ET/1930GMT.
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