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Greenback Struggles Amid Risk-On Flows, Softer U.S. Tsy Yields

FOREX

A key gauge of broader greenback strength (DXY) lost altitude in tandem with U.S. Tsy yields, with participants looking to the release of U.S. CPI data on Thursday. Dollar weakness may have been exacerbated by a pullback in USD/JPY after the pair rejected resistance from Y115.68, the high print of Jan 28. The move shielded the yen from the impact of reduced demand for safe haven currencies, with both USD and CHF faltering amid a decent showing from the equity markets.

  • The Antipodean currencies benefited from greater appetite for risk proxies. Australian Westpac-Melbourne Institute Index of Consumer Sentiment fell to a near-neutral level, with breakdown data playing into the hands of RBA hawks, as consumers' expectations of an increase in mortgage rates rose markedly.
  • Today's data docket is fairly empty, which turns focus to central bank speak. Comments are due from Fed's Bowman & Mester, ECB's Schnabel, BoJ's Nakamura, BoE's Pill & BoC's Macklem.
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