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Greenback Ebbs to Monthly Low

FOREX
  • The USD pullback this morning has drawn some market focus at these levels, with the USD Index edging to new October lows of 93.592 to narrow the gap with the 50-dma support of 93.2378. This puts the USD as the weakest performing currency so far Tuesday.
  • The greenback move coincides with a softer US yield curve, with 10y yields off as much as 3bps while the front-end also sees a decent correction lower.
  • EUR, GBP both printing new October highs vs. USD, but the move is perhaps most notable in CNH, with USD/CNH falling through 6.40 for the first time since mid-June, exposing the YTD lows of 6.3525.
  • GBP/USD is testing resistance at 1.3795 at typing, the level marks the 76.4% retracement of the Sep 14 -29 downleg. Break through here opens the mid-September highs of 1.3854, which sit just above the 100-dma of 1.3811.
  • US housing starts and building permits data crosses later today, but the central bank speaker will likely draw more focus. Speeches from ECB's Elderson, Rehn, Lane and Panetta, Fed's Daly, Barkin, Bostic and BoE's Bailey are all due.
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