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FOREX: USD Higher Again as Firmer Yields Underpin Currency Markets

FOREX
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  • The greenback is firmer once again early Tuesday, with the USD Index adding to recent gains, with the re-opening of US rates after yesterday's holiday allowing US yields to drift higher and underpin the greenback once again.
  • GBP failed to find support from this morning's wages numbers, which came in ahead of expectations, allowing EUR/GBP to continue to straddle the 0.83 handle - a key long-term level. Should the cross recover off these lows, GBP/USD could come under further pressure, prompting markets to consider medium-term support. Today's spot weakness has pressed GBP/USD below the 200-dma on an intraday basis for the first time since May, after the level held well as support in August. 1.2799 undercuts as modest support, but seen stronger into 1.2665.
  • German's ZEW investor sentiment data came in well below forecast, with sentiment heavily weighed upon by both the US Presidential election and the collapse of the German governing coalition
  • AUD is the poorest performer in G10, pressing AUD/USD back below the $0.6550 mark,
  • The NFIB Small Business Optimism data is followed by the NY Fed's latest inflation expectations release. The speaker slate will likely be of more interest, with Fed's Waller, Barkin, Harker and Kashkari all set to make appearances. Waller and Barkin should prove the most consequential. 
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  • The greenback is firmer once again early Tuesday, with the USD Index adding to recent gains, with the re-opening of US rates after yesterday's holiday allowing US yields to drift higher and underpin the greenback once again.
  • GBP failed to find support from this morning's wages numbers, which came in ahead of expectations, allowing EUR/GBP to continue to straddle the 0.83 handle - a key long-term level. Should the cross recover off these lows, GBP/USD could come under further pressure, prompting markets to consider medium-term support. Today's spot weakness has pressed GBP/USD below the 200-dma on an intraday basis for the first time since May, after the level held well as support in August. 1.2799 undercuts as modest support, but seen stronger into 1.2665.
  • German's ZEW investor sentiment data came in well below forecast, with sentiment heavily weighed upon by both the US Presidential election and the collapse of the German governing coalition
  • AUD is the poorest performer in G10, pressing AUD/USD back below the $0.6550 mark,
  • The NFIB Small Business Optimism data is followed by the NY Fed's latest inflation expectations release. The speaker slate will likely be of more interest, with Fed's Waller, Barkin, Harker and Kashkari all set to make appearances. Waller and Barkin should prove the most consequential.