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Greenback Trades On Firmer Footing Amid Higher Core Yields

FOREX
  • Both European and US bonds weakened to start 2024, and despite yields finishing off session highs, price action has worked in favour of the greenback with a notable 0.85% recovery for the USD index.
  • Weakness for major equity and a significant reversal lower for oil have bolstered the dollar bid, which now sees the DXY over 1.5% above last week’s lows.
  • Underperforming in the G10 currency space are the New Zealand dollar and the Swiss Franc, both declining around 1.1%, however, losses have been broad based. As such, EURUSD has slipped back below 1.0950 and USDJPY hovers just below 142.00 after printing a 142.21 high around the new York crossover.
  • CHF has reversed a small part of the impressive rally into the end of 2023. USD/CHF is around 175 pips off the 2023 and cycle low, however CHF weakness looks technically corrective in nature the longer USDCHF fails to break back above 0.8549.
  • AUD has been a marginal outperformer on a relative basis, with technical conditions for AUDUSD remaining firmly in bullish territory and short-term weakness considered corrective. Despite today’s pullback, sights are on 0.6900, the Jun 16 high and the next key resistance. On the downside, Initial firm support is at 0.6714, the 20-day EMA.
  • Spanish and German unemployment data will cross on Wednesday, along with Swiss manufacturing PMI. A busy data docket in the US will be highlighted by ISM Manufacturing figures and November JOLTS data. The minutes of the Federal Reserve’s December meeting will also be released.
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