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Greenback Fades Amid Light Market Participation

FOREX
  • The greenback trades lower in early Tuesday trade, putting EUR/USD north of 1.20 to reverse the entirety of the post-payrolls rally. This makes the USD the worst performing currency in G10, and comes despite a small uptick in the US 10y yield (higher by 3bps to 2.79% this morning) and rangebound trade in equities.
  • Volumes and market activity are distinctly light across currency, equity and fixed income futures, suggesting that traders may be sitting on their hands ahead of the CPI release tomorrow.
  • Outside of the greenback move, G10 currencies are quieter, with EUR benefiting from greenback weakness while GBP/USD narrows in on the Monday high at 1.2138 and GBP/JPY eyes 163.92 ahead of the 164.31 50-dma.
  • NOK/SEK has staged a solid bounce off the Monday lows, extending the bounce to near 2% off the week's worst levels. Strength through 1.0462 opens the late July highs at 1.0576.
  • The data slate is light Tuesday, with no tier 1 releases from across the US or Canada. Some attention may be paid to the nonfarm productivity and unit labor costs data, but focus still rests on tomorrow's inflation prints from China and the US.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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