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FOREX: USD Off Highs, Equity Sentiment Stabilizes

FOREX
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The USD BBDXY index sits up 0.30% for the first part of Tuesday trade, last near 1289. We are off earlier highs in the index though, which printed at 1293.55 (which was also just short of recent YTD highs close to 1295). 

  • Broader risk sentiment has stabilized somewhat after the earlier headlines around 25% tariffs on Canada and Mexico, along with an additional 10% tariff on China, drove sharp risk off moves..  
  • US equity futures are back close to flat, Eminis were off at one stage by 0.60%. Regional equity sentiment is mixed, with Hong Kong and China markets trying to push higher. Fresh US tariffs may evoke fresh stimulus from the authorities. US yields are up, but away from best levels for the session.
  • USD/JPY is tracking under 154.00, last near 153.80/85, up around 0.25% in yen terms. Yen is the only G10 currency firmer against the USD so far today. The early risk off tone on tariff headlines was supportive, although equity markets are away from worst levels. The other positive was the firmer PPI services print, which reinforces the live nature of the upcoming Dec BoJ meeting.  
  • At the margin this may be helping the likes of AUD/USD and NZD/USD. The A$ got to lows of 0.6434, but sits back at 0.6485/90 in latest dealings. NZD/USD touched sub 0.5800 (fresh YTD low), but is back to 0.5830/35 now.
  • AUD/JPY got to lows of 99.07, but sits back at 99.75/80 now.
  • USD/CAD sits up 0.85%, last near 1.4105. Earlier highs were at 1.4178. 
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The USD BBDXY index sits up 0.30% for the first part of Tuesday trade, last near 1289. We are off earlier highs in the index though, which printed at 1293.55 (which was also just short of recent YTD highs close to 1295). 

  • Broader risk sentiment has stabilized somewhat after the earlier headlines around 25% tariffs on Canada and Mexico, along with an additional 10% tariff on China, drove sharp risk off moves..  
  • US equity futures are back close to flat, Eminis were off at one stage by 0.60%. Regional equity sentiment is mixed, with Hong Kong and China markets trying to push higher. Fresh US tariffs may evoke fresh stimulus from the authorities. US yields are up, but away from best levels for the session.
  • USD/JPY is tracking under 154.00, last near 153.80/85, up around 0.25% in yen terms. Yen is the only G10 currency firmer against the USD so far today. The early risk off tone on tariff headlines was supportive, although equity markets are away from worst levels. The other positive was the firmer PPI services print, which reinforces the live nature of the upcoming Dec BoJ meeting.  
  • At the margin this may be helping the likes of AUD/USD and NZD/USD. The A$ got to lows of 0.6434, but sits back at 0.6485/90 in latest dealings. NZD/USD touched sub 0.5800 (fresh YTD low), but is back to 0.5830/35 now.
  • AUD/JPY got to lows of 99.07, but sits back at 99.75/80 now.
  • USD/CAD sits up 0.85%, last near 1.4105. Earlier highs were at 1.4178.