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FOREX: Early USD Gains Not Sustained, Tight Ranges Overall

FOREX
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FX trends are quite muted in the G10 space in Tuesday trade to date. The BBDXY USD index is marginally higher versus end US levels from Monday, but is down slightly from recent highs, last sub 1236. 

  • The USD index got to highs of 1236.61 before moderating. Early USD gains were aided by weaker US equity futures and a tick up in US yields. Nasdaq futures remain a headwind at -0.30% but hasn't had a lasting impact on FX sentiment.
  • US Tsy yields maintain a positive bias for the session, but gains are less than 1bps and we are away from best levels.
  • AUD/USD hit lows of 0.6645, sub the 100-day EMA, but we are back to 0.6660/65 now, little changed for the session. Data was softer for both consumer and business confidence. In the metals space, iron ore continues to see support around the $90/bbl level.
  • NZD/USD is up a touch from earlier lows, last near 0.6145/50. The AUD/NZD cross has been steady near 1.0840, with little impact from the soft survey results in Australia.
  • USD/JPY is close to unchanged in latest dealings, last near 143.10/15. Earlier highs were at 143.55, while lows printed at 142.86, so comfortably within recent ranges.
  • Looking ahead, the Fed’s Barr and Bowman speak and US August NFIB small business optimism is released. Also UK labour market data print and BoC’s Macklem speaks.
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FX trends are quite muted in the G10 space in Tuesday trade to date. The BBDXY USD index is marginally higher versus end US levels from Monday, but is down slightly from recent highs, last sub 1236. 

  • The USD index got to highs of 1236.61 before moderating. Early USD gains were aided by weaker US equity futures and a tick up in US yields. Nasdaq futures remain a headwind at -0.30% but hasn't had a lasting impact on FX sentiment.
  • US Tsy yields maintain a positive bias for the session, but gains are less than 1bps and we are away from best levels.
  • AUD/USD hit lows of 0.6645, sub the 100-day EMA, but we are back to 0.6660/65 now, little changed for the session. Data was softer for both consumer and business confidence. In the metals space, iron ore continues to see support around the $90/bbl level.
  • NZD/USD is up a touch from earlier lows, last near 0.6145/50. The AUD/NZD cross has been steady near 1.0840, with little impact from the soft survey results in Australia.
  • USD/JPY is close to unchanged in latest dealings, last near 143.10/15. Earlier highs were at 143.55, while lows printed at 142.86, so comfortably within recent ranges.
  • Looking ahead, the Fed’s Barr and Bowman speak and US August NFIB small business optimism is released. Also UK labour market data print and BoC’s Macklem speaks.