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Market Still Favours USD as Stock Selloff Abates

FOREX
  • The dollar is firmer for a fourth session, with the greenback rising against most others in G10. Greenback strength comes despite the easing of selling pressure in equity markets, with stocks across Europe and in US futures space both staging a modest bounce.
  • Nonetheless, the recovery in stocks has been tepid at best, with the e-mini S&P still around 50 points shy of the week's best levels. As a result, growth proxies and high beta currencies are yet to have felt any benefit, with NZD and AUD among the session's poorest performers so far.
  • GBP/USD's downtrend persists Tuesday, with the pair bottoming out a new multi-month low of 1.3627. The outlook is deteriorating with prices south of the 200-dma, opening losses toward the next key support at the February low of 1.3567.
  • Today's session is a little busier, but there's still a relative lack of tier 1 data releases. US building permits/housing starts are due and there are no notable central bank speakers.
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