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Greenback Softer After Monday Strength

FOREX
  • Markets hit reverse Tuesday, with equities higher led by tech, while the dollar edged off Monday's cycle highs. Markets looked to book profits on the recent run higher in the greenback, with the USD index faltering before any test on the 200-dma resistance at 92.924. Tuesday's move lower has relieved the technically overbought conditions that were starting to show after Monday's rally. This week, the RSI for the USD Index touched levels not seen since March's greenback rally.
  • Similarly, CHF prices bounced firmly after trading in a solid downtrend since the middle of February. USD/CHF touched multi-month highs at 0.9376 before falling to fresh weekly lows ahead of the US close.
  • Implied vols were subdued as markets stabilised, but the pullback from cycle highs in USD/JPY helped prop up demand for JPY upside hedges, supporting the front end of the implied curve.
  • Focus Wednesday turns to Chinese CPI & PPI data, French industrial production, US CPI and the Bank of Canada rate decision. The BoC are seen keeping rates unchanged at 0.25%.
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