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USD Index Eyeing Fresh Highs

FOREX

The USD remains on the front foot. Much of the morning's focus has been on USD/JPY, which spiked above 143.50. We are back to 143.30 now, but the market is likely to be on intervention watch over coming sessions given the levels in this pair and the pace of yen depreciation. USD strength is broadening elsewhere as well now. Higher US yields (2yr edging up to 3.51%) and lower US equity futures (-0.6-0.7%), are helping from a cross-asset standpoint.

  • EUR/USD is back sub 0.9900, while GBP/USD is back to 1.1480 (through overnight lows).
  • AUD and NZD are both down 0.3% from NY closing levels. AUD/USD is at 0.6715, NZD/USD at 0.6020. Both pairs are also comfortably through overnight lows.
  • Note we haven't seen any headlines from RBNZ speeches so far, with Deputy Governor Hawkesby and Chief Economist Conway speaking at domestic events in NZ. The RBNZ states there will be no published speaking notes for these events.
  • In the Asian space, USD/CNH is above 6.9800, around overnight highs, while USD/KRW is above 1384, fresh cyclical highs for this pair.
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