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Greenback Steadily Advances Amid Risk Off Mood, USDMXN Rises 2.00%

FOREX
  • The substantial shift higher for US yields on Tuesday translated into gradual greenback strength throughout the trading session, which has resulted in a near 1% advance for the USD index this week following the MLK holiday on Monday. Notably, this places the DXY at the best level in a month, briefly bridging the gap to the 200-day moving average at 103.44.
  • Negative risk sentiment across global markets has hampered the likes of AUD (-1.2%) and NZD(-1.10%), while the Japanese Yen also continues its downtrend in 2024.
  • USDJPY (+1.03%) has risen back above 147.00 and hovers close to touted resistance at 147.32, the Dec 7 high, as we approach the APAC crossover. A brief blip lower on the weaker-than-expected empire state manufacturing data to 146.29 was very well supported and the pair consistently grinded higher across the remainder of the US session. The next target on the topside is at 148.51, the Nov 30 high.
  • Risk pessimism has also filtered through to the emerging market space, with the likes of MXN and ZAR the notable underperformers on Tuesday. USDMXN briefly rose as much as 2.00% to reach 17.2382, an impressive step higher on the session as Fed rate cut bets were consistently trimmed.
  • China activity data overnight will highlight the APAC docket, which includes industrial production, Q4 GDP and retail sales. Focus will then turn to UK inflation data for December before the US reports December retail sales figures.
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