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Greenback Downdraft Extends, Prompting New Pullback Lows

FOREX
  • The greenback remains offered, with the USD Index lower for a fourth consecutive session to touch the lowest level since late August. The solid demand at the 20y Treasury auction yesterday has spilled over into currency markets, as the retreat in the 10y yield holds through to Tuesday morning.
  • NZD has continued to be the primary beneficiary, pushing NZD/USD to new multi-month highs and within range of the 200-dma resistance at 0.6096. Clearance here would see the highest levels since mid-August, while AUD/NZD also reverts back to the midpoint of the recent range.
  • JPY is among the firmest performers, helping aide a fourth session of losses for EUR/JPY. 161 undercuts as support, marking the 50% retracement for the late October – mid November upleg.
  • Focus ahead turns to the Canadian CPI release, at which markets expect Y/Y to slow to 3.1% from 3.8% previously. US existing home sales data is also set to cross, as well as the Fed minutes for their November 1st meeting. The central bank speaker slate includes ECB’s Lagarde, Schnabel & Centeno as well as BoE’s Bailey.
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