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Greenback Unwinds Post-NFP Advance, AUD Leads Charge

FOREX
  • The greenback edged lower on Monday as the USD index slowly erased the NFP-inspired gains from Friday with markets potentially squaring positions ahead of a crucial set of US inflation data on Wednesday. While the broad USD index maintained a steady downward trajectory, performance across G10 was mixed.
  • Firmer Chinese exports data and an initial rally across major equity benchmarks bolstered a firm 1% rally in antipodean FX and despite the late turnaround for stocks, AUD and NZD have maintained the majority of their advances for the session. In similar vein, CHF and CAD were notable beneficiaries of the Dollar weakness with more tempered gains of around +0.6%.
  • EURUSD was happy to trade blows either side of 1.0200 and this marks the 15th consecutive session that the pair holds between 1.01/03. This consolidatory price action placed pressure on EUR crosses with EURAUD trading back below the 1.4600 mark and narrowing the gap with the July lows at 1.4511.
  • USDJPY was less volatile than seen in recent memory, however, the pair still registered a 120-pip range on Monday. Despite an initial attempt above Friday’s highs at 135.50 during the APAC session, momentum immediately waned and the pair slowly reversed course throughout Monday in line with the general theme across currency markets. Lows were made at 134.36, however the pair now trades just below its opening level approaching the APAC crossover at 134.80.
  • An extremely quiet data calendar for Tuesday may prompt currency markets to trade tentatively ahead of Wednesday’s US CPI, barring any major developments on the geopolitical front that could impact overall risk sentiment.
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