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Favourable Equity Backdrop Tilts Greenback Lower

FOREX
  • Following the positive close across Wall Street yesterday, markets in Asia and Europe are seen similarly higher, reinforcing a positive backdrop for risk assets at the NY crossover. As a result, the USD trades slightly lower, reversing a small part of yesterday's gains across the DXY. the 100-dma continues to trend higher, emphasizing the more positive medium-term outlook, but for now it marks first major support at 95.264.
  • The EUR saw some modest support on the back of an interview from the new Bundesbank chief Nagel with German press, in which he said that he expects German inflation to rise "significantly" above 4% this year, and if the inflation picture does not change by March, he will advocate for a normalization of monetary policy.
  • The main beneficiaries of the modest risk-on backdrop are AUD and NZD, helping AUD/USD rise north of the 50-dma to narrow the gap with major resistance at 0.7250. NZD/USD eyes 0.6684 for direction.
  • Data releases are few and far between Wednesday, keeping focus on speeches from BoE's Pill, ECB's Schnabel, BoC's Macklem and Fed's Bowman & Mester.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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