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FOREX: Greenback Remains Favoured as US Yields Hold Monday Rally

FOREX
  • With the US yield curve consolidating and holding the majority of yesterday's rally, the greenback is firmer again headed into NY hours. The USD Index has topped the Monday high and remains within range of 106.130 - strength through which puts the greenback at the best level since early May. 
  • The single currency trades poorly, with both EUR/USD and EUR/GBP in the red. Moves come as focus remains on the French political process. Pollsters and betting odds continue to the fade the implied probability of the right-wing RN winning an outright majority after the election second round on Sunday.  Preliminary Eurozone CPI came in alongside expectations at 2.5% - as indicated by the outturns from the composite regions including Germany yesterday and late last week.
  • While GBP's Tuesday trade has been middling in G10, the pair remains within range of key support at the 1.2613 mark. Further selling pressure headed into the election on Thursday (results due through the night on Friday) would result in six-week lows for the pair and exposure of 1.2580, the 50% retracement for the upleg posted off the April low. 
  • JOLTS job openings data is the highlight of the US calendar Tuesday, with the ECB's central banking conference in Sintra also set to continue. The highlight today will likely be a panel appearance from Fed's Powell, ECB's Lagarde and BCB's Campos Neto at 1430BST/0930ET. 
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