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Greenback Extending Recovery, But Faces Stiff Resistance

FOREX
  • The dollar is among the strongest currencies in G10 early Tuesday, with the USD Index extending the recent recovery off last week's lows and rising for a third consecutive session. USD gains come alongside similar strength in the JPY, as haven FX follows the US yield curve higher.
  • Equities trade lower across the board, with a negative close across Hong Kong and Japan feeding directly into weakness across Europe. Stocks traded lower on the resumption of trade for US assets following Monday's MLK public holiday, which saw the US 10y yield gap higher to touch 1.85% - the highest rate since early 2020 and therefore the highest rate since the COVID pandemic.
  • Elsewhere, USD/CNH rallied sharply just ahead of the European open as the PBoC warned that while currencies may deviate from their equilibrium level in the short-term, the PBoC will not allow for a one-way move in the Yuan. As a result USD/CNH rallied to show above the 6.36 level before moderating slightly.
  • Looking ahead, US housing starts and the NAHB housing market index take focus, with ECB's Villeroy due to speak in the afternoon.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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