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FOREX: USD Index Loses Ground as US Front-End Yields Drop

FOREX
  • The US dollar steadily edged lower across Tuesday’s US session, mirroring the move seen in front-end yields in the US. As such, USDJPY has dipped below the 144 handle, extending its pull lower to around 125 pips from the earlier session highs. 
  • USDJPY conditions remain bearish, with the market seemingly willing to continue to sell dollar rallies and supports remained well defined at 143.45 and 141.70, the Aug 5 low.
  • EURUSD sees some late strength, extending above the European peak to print a 1.1191 high, although daily ranges remain much more contained here. 
  • GBP continues to be among the best performers in G10, with GBP/USD's 1.3265 print today the highest since March 2022. GBP/USD's bull run sees higher highs printed in 12 of the past 14 sessions and spot has bridged the gap to its next target at 1.3261. Above here, attention will be on 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg.
  • Elsewhere, strength has also been seen for the likes of the Swiss Franc and Kiwi, which outperform in G10, amid the path of least resistance remaining lower for the greenback and the continued stable backdrop for major equity benchmarks.
  • Australian CPI data is the major data point Wednesday, before Eurozone inflation data takes focus later in the week.
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