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Greenback Erases Monday Bounce as Conviction Low Pre-Fed

FOREX
  • After a strong start to the week, the greenback has reversed course to trade lower against all others to mark the beginning of a new month - just one session ahead of the Fed rate decision on Wednesday. The USD price action concides with a step lower across the UK yield curve, led by the belly to put 10yu yields off 7bps.
  • The RBA raised rates by 25bps, alongside expectations, with AUD fading slightly following the decision as the bank failed to commit to a sharp tightening pace going forward, suggesting the bank could be more patient in approaching their peak policy rate. AUD/NZD touched new weekly lows of 1.0951 in response.
  • NOK is the firmest performancing currency in G10 so far, benefiting from the bounce in the Brent crude price off Monday's lows, with the price action coming ahead of Thursday's Norges Bank release. Markets remain divided over the viability of a 25bps or 50bps hike this month, with the bank signalling rates could be raised at a slower pace in September.
  • Focus turns to JOLTS job openings data later today as well as the October ISM manufacturing. The latter release will be wached for clues ahead of this Friday's NFP release.
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