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Greenback Resumes Ascent, Fresh Trend Highs For USD Index

FOREX
  • Despite the USD index dipping across European hours and sliding into negative territory on the day, the greenback has regained its poise and resumed its ascent. The DXY is printing fresh cycle highs as we approach the APAC crossover, currently up another 0.25% and extending above the 106.00 mark.
  • Weakness for equities have weighed on more risk sensitive currencies with the likes of AUD and GBP among the worst performers, declining half a percent.
  • GBPUSD stands out as the pair extends its decline below 1.2200. The recent move down confirms a resumption of the bear trend and maintains the bearish price sequence of lower lows and lower highs. The focus is on 1.2120, a Fibonacci projection.
  • EURUSD also spent the majority of the session consolidating around 1.0600 before extending to fresh lows at typing. Price action narrows the gap with 1.0516, the March 15 and a key support.
  • In emerging markets, there was some notable weakness for the South African rand, which weakened over 1.5% against the greenback. The move was largely playing catch up following the national holiday on Monday with familiar broader-picture concerns that have weighed on some EM currencies.
  • Australian August CPI data will highlight Wednesday’s docket before US Durable Goods. Focus will then turn to Eurozone inflation data later in the week.
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