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Greenback Extends Losses Through Asian session

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The USD has extended losses through the Asian session today, BBDXY is down ~0.3% and sits at its lowest level since September. The lingering effect of last week's Fedspeak and associated re-pricing of Fed rate cuts for 2024 has pressured the USD today. Regional equities are firmer, the Hang Seng sits ~1.5% firmer as China's financial regulators vowed to meet all property developers financing needs late on Friday (BBG). PBOC set the Yuan fixing at its strongest level since August, which is also weighing on the greenback.

  • Kiwi is the strongest performer in the G-10 space at the margins. NZD/USD is up ~0.7%, last printing at $0.6030/35. Bulls target the 200-Day EMA at $0.6063 which opens the high from 8 Aug ($0.6118).
  • The AUD is also outperforming, AUD/USD is ~0.6% higher. The pair has breached the high from 15 Nov ($0.6542), resistance comes in at $0.6582, 50.0% retracement of Jul-Oct bear leg. We last print at $0.6550/55.
  • Yen is ~0.5% firmer and sits below the ¥149 handle after early highs close to ¥150. USD/JPY has broken the 50-Day EMA, and sits on key support at ¥148.81.
  • Elsewhere the EUR and GBP are both ~0.2% firmer. CHF, NOK and SEK are all ~0.4% higher although liquidity tends to be poor in Asia.
  • German PPI headlines an otherwise thin docket on Monday.
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The USD has extended losses through the Asian session today, BBDXY is down ~0.3% and sits at its lowest level since September. The lingering effect of last week's Fedspeak and associated re-pricing of Fed rate cuts for 2024 has pressured the USD today. Regional equities are firmer, the Hang Seng sits ~1.5% firmer as China's financial regulators vowed to meet all property developers financing needs late on Friday (BBG). PBOC set the Yuan fixing at its strongest level since August, which is also weighing on the greenback.

  • Kiwi is the strongest performer in the G-10 space at the margins. NZD/USD is up ~0.7%, last printing at $0.6030/35. Bulls target the 200-Day EMA at $0.6063 which opens the high from 8 Aug ($0.6118).
  • The AUD is also outperforming, AUD/USD is ~0.6% higher. The pair has breached the high from 15 Nov ($0.6542), resistance comes in at $0.6582, 50.0% retracement of Jul-Oct bear leg. We last print at $0.6550/55.
  • Yen is ~0.5% firmer and sits below the ¥149 handle after early highs close to ¥150. USD/JPY has broken the 50-Day EMA, and sits on key support at ¥148.81.
  • Elsewhere the EUR and GBP are both ~0.2% firmer. CHF, NOK and SEK are all ~0.4% higher although liquidity tends to be poor in Asia.
  • German PPI headlines an otherwise thin docket on Monday.