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FOREX: USD/Yields Up To Start The Month, Multi Supports In Play

FOREX
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The USD is holding higher across the board in the first part of Monday dealing. The USD BBDXY index was last 1280.3, close to session highs. A number of support points have been evident for the USD today. 

  • EUR/USD has fallen, down 0.50% to 1.0525/30 in latest dealings. Headlines around French budget concerns (Finance Minister saying they won't blackmailed over the budget, per BBG) weighing in the first part of trade. Recent lows of 1.0425 (from Nov 26) may come into focus. French government bond futures are weaker. NOK has lost 0.60%, SEK down 0.50% so far today.
  • US yields have started Dec off on a positive footing, unwinding some of the losses seen through the tail end of Nov. We sit 2.5-4.5bps firmer across the Tsy benchmarks, away from best levels for the session, but still up firmly. Clear of month end flows may be helping, while weekend rhetoric from incoming President Trump on tariffs on BRIC nations if they abandon the USD is another potential driver.
  • USD/CNH is up to fresh multi-month higher, last near 7.2745. A better Caixin PMI print not helping the yuan much.
  • USD/JPY got to early lows of 149.51, but sits back at 150.45/50 now. 150.74 was the session high so far. Yen showing sensitivity to the US yield rebound. Earlier data showed Q3 capex stronger than forecast but profits slumped. Focus remains on the upcoming Dec policy meeting given recent rhetoric from BoJ Governor Ueda.
  • Australian data was mixed, arguably most important though was the retail sales beat. AUD/USD is off 0.20% at this stage, but is outperforming most of the G10. NZD/USD is down around 0.30%, last near 0.5895/00.
  • Looking ahead, later the Fed’s Waller and Williams speak and ECB President Lagarde appears. Euro area October unemployment rate, European/Canadian manufacturing November PMIs and US manufacturing ISM/PMI print.
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The USD is holding higher across the board in the first part of Monday dealing. The USD BBDXY index was last 1280.3, close to session highs. A number of support points have been evident for the USD today. 

  • EUR/USD has fallen, down 0.50% to 1.0525/30 in latest dealings. Headlines around French budget concerns (Finance Minister saying they won't blackmailed over the budget, per BBG) weighing in the first part of trade. Recent lows of 1.0425 (from Nov 26) may come into focus. French government bond futures are weaker. NOK has lost 0.60%, SEK down 0.50% so far today.
  • US yields have started Dec off on a positive footing, unwinding some of the losses seen through the tail end of Nov. We sit 2.5-4.5bps firmer across the Tsy benchmarks, away from best levels for the session, but still up firmly. Clear of month end flows may be helping, while weekend rhetoric from incoming President Trump on tariffs on BRIC nations if they abandon the USD is another potential driver.
  • USD/CNH is up to fresh multi-month higher, last near 7.2745. A better Caixin PMI print not helping the yuan much.
  • USD/JPY got to early lows of 149.51, but sits back at 150.45/50 now. 150.74 was the session high so far. Yen showing sensitivity to the US yield rebound. Earlier data showed Q3 capex stronger than forecast but profits slumped. Focus remains on the upcoming Dec policy meeting given recent rhetoric from BoJ Governor Ueda.
  • Australian data was mixed, arguably most important though was the retail sales beat. AUD/USD is off 0.20% at this stage, but is outperforming most of the G10. NZD/USD is down around 0.30%, last near 0.5895/00.
  • Looking ahead, later the Fed’s Waller and Williams speak and ECB President Lagarde appears. Euro area October unemployment rate, European/Canadian manufacturing November PMIs and US manufacturing ISM/PMI print.