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Lower US Yields Weighing On Greenback In Recent Trade, NZD Climbs 1.15%

FOREX
  • Despite a small bounce in the USD after 0800 GMT, the greenback has showed steady declines throughout the European morning on Wednesday. Lower US yields are exerting pressure on the greenback and the removal of China’s zero-covid curbs continue to underpin the likes of AUD and NZD, with the latter extending gains to 1.05% on the session.
  • Headlines remain few and far between amid the ongoing holiday season, with potential focus turning to month/year-end flows as we approach value-date month-end fix later today.
  • USDJPY continued its post BOJ bounce in overnight trade, rising briefly to 134.40. Weighing on the yen was the BoJ Opinion Summary from the last policy meeting, which pushed back against any premature moves away from ultra-easy monetary policy conditions.
  • However, the renewed greenback weakness has seen a firm turnaround with the pair now gravitating towards session lows of 133.38. Recent gains are considered technically corrective. The sharp sell-off on Dec 20 confirmed a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. On the downside, the bear trigger is 130.58 where a break would resume the downtrend.
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