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Lower Treasury Yields Sees USD Index Slide Over 1%

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EM BulletBulletMarketsEmerging MarketsForeign Exchange
  • Lower yields and consolidating equity indices weighed on the greenback on Thursday. The USD index fell by roughly 1%, which represents a fourth losing session within the last five trading days.
  • Gains against the greenback were broad based, however, the oil bounce especially bolstered the Norwegian Krone which gained 2.3% against the dollar.
  • The Swiss Franc was another notable beneficiary, with USDCHF retreating 1.8%. Markets still reacting to yesterday’s SNB comments, saying it is ready to act if inflation pressures continue.
  • US dollar weakness has filtered through to the likes of AUD and NZD, both rising over 1.5% as well as EURUSD trading back above 1.06 to trade at a two-week high.
  • EURUSD found resistance on Wednesday at 1.0564, just ahead of the 20-day EMA, however the path of least resistance saw the pair grind through this moving average today, intersecting at 1.0569. The broader trend direction remains down with moving average studies remaining in a bear mode condition. Key resistance is unchanged at 1.0642, May 5 high.
  • New Zealand Trade Balance data overnight before UK retail Sales for April headlines a very quiet Friday docket. Worth noting parliamentary elections are due this weekend in Australia.
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  • Lower yields and consolidating equity indices weighed on the greenback on Thursday. The USD index fell by roughly 1%, which represents a fourth losing session within the last five trading days.
  • Gains against the greenback were broad based, however, the oil bounce especially bolstered the Norwegian Krone which gained 2.3% against the dollar.
  • The Swiss Franc was another notable beneficiary, with USDCHF retreating 1.8%. Markets still reacting to yesterday’s SNB comments, saying it is ready to act if inflation pressures continue.
  • US dollar weakness has filtered through to the likes of AUD and NZD, both rising over 1.5% as well as EURUSD trading back above 1.06 to trade at a two-week high.
  • EURUSD found resistance on Wednesday at 1.0564, just ahead of the 20-day EMA, however the path of least resistance saw the pair grind through this moving average today, intersecting at 1.0569. The broader trend direction remains down with moving average studies remaining in a bear mode condition. Key resistance is unchanged at 1.0642, May 5 high.
  • New Zealand Trade Balance data overnight before UK retail Sales for April headlines a very quiet Friday docket. Worth noting parliamentary elections are due this weekend in Australia.