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Latest Pressure on Equities Halts Greenback Sell-Off

FOREX
  • A reversal lower for major equity indices over the past hour or so has halted the greenback selloff during Monday’s US session, and prompted a moderate recovery for the USD index.
  • No specific headlines prompting the turnaround for stocks with the pressure on USTs finally weighing and potentially some profit taking in play after the solid rally since Friday and ahead of Fed Chair Powell on Tuesday, due to testify about Semi-Annual Monetary Policy Report.
  • EURUSD briefly traded a few pips above last week's best levels of 1.0691. As noted, progress through here would open the 50-dma at 1.0728 and levels at which point the markets will have reversed the entirety of the late February pullback.
  • AUD, NZD continue to trade to the bottom end of the G10 table, with the early moves in commodity-tied currencies consolidating following the decision on China's GDP growth target for this year - a more conservative 5% relative to expectations.
  • AUDUSD’s February downtrend remains intact with price trading closer to its recent lows. The recent consolidation still appears to be a bear flag - if correct, it reinforces the downtrend. The weakness comes ahead of tomorrow’s RBA decision, due overnight. The focus is on 0.6629, the Dec 20 low and the next key support. The MNI RBA preview is here.
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