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Greenback Recovers Off Lows as Treasury Rally Moderates

FOREX
  • Asia-Pac trade kicked off with the dollar under pressure, a move triggered by the moderation in US yields, with the 10y yield bottoming out at 4.1726% alongside the European open. The greenback has recovered off lows headed into NY hours, with few macro datapoints or speakers to distract. As a result, some market focus may be being paid to potential USD demand from corporates later today, with Tuesday marking value-date month-end.
  • Headed into the NY crossover, US yields recovering further off lows, further assisting the bounce in the greenback.
  • The single currency is the poorest performer, with the EUR fading ahead of Thursday's August CPI Estimate. CPI is again expected to fade to 5.1% from 5.3%, marking the lowest reading since late 2021. EUR/GBP remains pinned to the 50-dma, dipping below the mark that crosses at 0.8585 today.
  • AUD, NZD are among the best performers, benefiting from further signs of Chinese stimulus. Bloomberg reports that China's largest banks are considering a further deposit rate cut to support domestic growth.
  • US JOLTS job openings figures take focus later today, released alongside consumer confidence for August. Fed's Barr appears for a second consecutive session, speaking on banking services.
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