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FOREX: USD Hovers Near Session Highs Up 0.15% as Equities Dip

FOREX
  • The modest pressure on equities Monday has supported the greenback, although volumes and ranges have remained capped, largely owing to the UK holiday and the lack of tier one data across global markets.
  • The most volatile pair has unsurprisingly been USDJPY, which having extended Friday’s weakening trend to reach a fresh low of 143.45 overnight in the APAC session has since bounced over 100 pips. USDJPY’s trend structure is bearish and moving average studies remain in a bear-mode set-up. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend.
  • The slightly firmer greenback on Monday has weighed on the likes of EUR, AUD and NZD, with the latter underperforming its G10 counterparts, down 0.4%.
  • In emerging markets, the elevated uncertainty surrounding political risks in Mexico continue to weigh on the peso. USDMXN is +1.5% at typing and trading around 19.40 as we approach the APAC crossover. Protestors took to the streets across Mexico on Sunday in the latest opposition to AMLO’s proposed judicial overhaul and the President described some of the latest criticism as ridiculous earlier today.
  • A bullish theme in USDMXN remains intact following the rally between Jul 12 and Aug 5. Last week’s gains also represent a positive development. Initial short-term objectives are 19.5999 and 19.8362, the 61.8% and 76.4% retracement points of the sell-off between Aug 5 - Aug 16.
  • US consumer confidence and Richmond Manufacturing highlight Tuesday’s economic data schedule.
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