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FOREX: USD Index Again Presses Resistance

FOREX
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  • The greenback is among the strongest performers in G10 Monday, although the rally is shallow at these levels. That said, the strength is keeping the USD Index well within range of last week's highs of 103.178, and a break and close back above these levels will confirm a resumption of the primary uptrend drawn off the late September lows. 100-dma above at 103.241 provides the next level - a rally toward which would bring 149.55 in USD/JPY and 1.0900 in EUR/USD into play.
  • Equity futures are mixed on both sides of the pond, with a softer open triggered by the negative reception of China's policy briefing proving short-lived, as buying interest in the e-mini S&P and Eurostoxx50 tipped both indices back in positive territory.
  • Risk back-loaded, with UK inflation, US import/export price indices and Australian jobs data for September all set to follow in the second half of the week.
  • There are no key data releases set for the rest of the Monday session, with US Columbus Day holidays likely to keep markets quieter than usual - although there are no major closes across US equity or fixed income markets. There are a number of central bank speakers due which could prove more market-sensitive, including Fed's Kashkari and Waller. 
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  • The greenback is among the strongest performers in G10 Monday, although the rally is shallow at these levels. That said, the strength is keeping the USD Index well within range of last week's highs of 103.178, and a break and close back above these levels will confirm a resumption of the primary uptrend drawn off the late September lows. 100-dma above at 103.241 provides the next level - a rally toward which would bring 149.55 in USD/JPY and 1.0900 in EUR/USD into play.
  • Equity futures are mixed on both sides of the pond, with a softer open triggered by the negative reception of China's policy briefing proving short-lived, as buying interest in the e-mini S&P and Eurostoxx50 tipped both indices back in positive territory.
  • Risk back-loaded, with UK inflation, US import/export price indices and Australian jobs data for September all set to follow in the second half of the week.
  • There are no key data releases set for the rest of the Monday session, with US Columbus Day holidays likely to keep markets quieter than usual - although there are no major closes across US equity or fixed income markets. There are a number of central bank speakers due which could prove more market-sensitive, including Fed's Kashkari and Waller.