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Greenback Slides Amid Yields Reversal, EURUSD Back Above 1.0650

FOREX
  • The USD index has dropped over half a percent on Monday with single currency outperformance most notable across G10, prompting EURUSD to rise above 1.0650, fresh one-month highs for the pair. The moves come alongside a strong recovery for US treasuries, with specific outperformance noted in the long-end, and a firm bounce for major equity indices.
  • EURUSD has been on a steady grind higher and following the breach of the mid-October highs, the pair is now inching its way above 1.0650 in recent trade. This is considered a bullish development and a confirmed break above the Oct 12 high is required to signal scope for a stronger correction. In the short-term, this places the focus on the 50-day EMA which intersects today at 1.0677, however, further out, 1.0737 and 1.0769 are levels of note.
  • In similar vein, the likes of GBP, AUD and NZD are all moving higher in sympathy with the lower yields, while the Swiss franc, Chinese Yuan and Canadian dollar all underperform.
  • The lower core yields have placed the JPY moderately on the front foot, with USDJPY once again unable to make any inroads above the 150.00 mark and slowly edging away from that level throughout US trade.
  • On Tuesday, we get the October round of flash European PMIs. For the Eurozone, the September composite print saw a small uptick from August but remained in contractionary territory at 47.2. Additionally, the UK’s ONS says it will publish a new series of labour market data using additional sources to produce adjusted levels and rates for employment, unemployment and inactivity.
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