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Euro Crosses Outperform, USD Index On Backfoot

FOREX
  • Early strength in equities underpinned a calmer outlook to currency markets on Monday and as a result, the greenback traded marginally softer to start the week. Despite global equity benchmarks paring these gains the USD Index remains -0.25% weaker and resides through last week's lows.
  • Across G10, performance was mixed with the Euro shining above other majors. EURUSD briefly made a two-week high above 1.0605 but has since fallen back around 25 pips. The single currency strength is more notable in the crosses with EURAUD and EURNZD advancing around 0.7% and maintaining their upward trajectory throughout June.
  • USDJPY printed just shy of 134.50 during the APAC session as within a summary of opinions from the BoJ's most recent monetary policy meeting, one member said the Bank should pay "due attention" to FX market developments. However, the early yen strength was gradually but firmly reversed throughout Europe and US trading hours, peaking at 135.55.
  • USDJPY remains in an uptrend. The pair broke to new cycle highs last week, which confirmed a resumption of the primary uptrend. The move higher also maintains the bullish price sequence of higher highs and higher lows and has opened 136.88 next, the Oct 1998 high
  • Turning to Tuesday, commentary is expected from ECB board members at the ECB Forum on Central Banking in Sintra. President Lagarde is due to give an introductory speech before multiple sessions are chaired by ECB Board Member Philip Lane.
  • A very light day for data with US consumer confidence and Richmond manufacturing index headlining the calendar.
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