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Greenback Weakness Consolidates Despite US Front-End Yield Surge

FOREX
  • Despite a partial greenback recovery in early NY trade on Friday, the US Dollar is holding onto broad based sizeable declines to finish the week. The USD weakness is largely stemming from the extended grind higher in major equity indices, significantly boosting the likes of AUD (+1.35%) and NZD (+0.86%).
  • The Swiss Franc extended on yesterday’s gains, rising in tandem with the Japanese Yen, which continued to trade in a volatile manner.
  • An early move lower for US yields heavily weighed on USDJPY which plummeted to a 1.4151 low from earlier highs of 144.12 during APAC trade. Despite US 2-year yields then rising around 12bps off the lows, USDJPY was only able to partially recover to current rate ~142.65 in early US trade where it consolidated for the majority of the US session.
  • FX markets appeared to run out of steam approaching the close and although the USD index printed fresh cycle highs on Wednesday, the index looks set to post a 0.5% decline from last Friday’s close.
  • Markets turn their focus to next week’s US CPI data, scheduled to be published on Tuesday.
  • Monday’s highlight will be UK GDP data, which the ONS have confirmed will go ahead as planned, despite the BoE deferring its meeting by a week, due to the UK's mourning period. Worth noting Chinese banks will be closed on Monday in observance of the Mid-Autumn Festival.
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