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Greenback Trading With Supportive Tone As CPI Dust Settles

FOREX
  • Pressure on the front-end of the US yield curve is keeping the USD underpinned on Tuesday. Despite the initial volatile spin-cycle following the US inflation data, the greenback is trading on a surer footing approaching the end of the European session.
  • Weakness in equities is acting as an additional USD tailwind. NZD continues to be one of the weakest performers in G10 amid the dampened sentiment and following inflation expectations data overnight. 2y inflation is seen at 3.30% for Q1, down from 3.62% late last year - feeding into the view that domestic inflation may have peaked for now.
  • The higher US yields are naturally weighing on the JPY and USDJPY is making another push above 133 in recent trade. As highlighted, a sustained break of the 50-day EMA (intersects today at 132.71) is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high.
  • In EURUSD, prices remains above support at 1.0674, the 50-day EMA, for now. This represents a key short-term level and a clear break of the average would instead strengthen the bearish cycle and initially expose 1.0634, the Jan 9 low.
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