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Greenback Move Aided by Reversal Off Highs in Yields

FOREX
  • In sympathy with the move in US yields, the greenback is on the backfoot across the US cash equity open, helping aid EUR/USD, GBP/USD and others to a new daily high. Moves coincide with the fade off highs for the US 10y yields, which rose to just above the 4.46% level before reversing course.
  • Fades in the USD Index brings the 50-dma support back into play at 103.936 - a level that contained the pullback off the early April highs and helped facilitate a bounce.
  • In emerging markets, USD/MXN weakness has prompted a fifth consecutive session of lower highs and lower lows - putting the pair at levels last seen in 2015.
  • Despite the pick-up in price action, overall volumes remain below recent averages, with EUR cumulative activity ~25% below average for this time of day.
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