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FOREX: USD Index at Session Lows, Approaches 14-Month Low

FOREX
  • The greenback has resumed its weakening trend on Tuesday and the USD index is testing the week’s lows as we approach the NY crossover. The ongoing tilt towards a 50BP FOMC cut is weighing and despite the contained ranges across G10, the DXY is hovering just above 100.50, which would be the lowest level since July 2023.
  • AUDUSD is the relative outperformer, rising 0.16% and making an attempt at 0.6767, the August US NFP high. Above here, markets will turn their focus to 0.6824, the August high, and the highest printed level since January.
  • In similar vein, EURUSD is also edging towards key short-term resistance at 1.1155, the Sep 6 high. Clearance of this level would cancel a recent bearish theme and highlight scope for a stronger recovery towards 1.1202, the Aug 26 high and a bull trigger.
  • GBPUSD is further extending its recovery from 130.00 and is within close proximity of the September peak at 1.3238 as we approach both UK inflation data tomorrow and the BOE decision Thursday. An extension to 1.3266, the August high, would see Cable once again at its highest level since 4th March 2022.
  • USDJPY resides close to unchanged on the session, despite exhibiting a 90 pip range overnight. USDCHF (-0.15%) hovers at session low and the main support here is at the September low of 0.8375, also the lowest print since December.
  • Canada inflation data and US retail sales headline the economic calendar for the remainder of the session.
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