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Markets on Course to Erase Entirety of NFP USD Dip

FOREX
  • The USD Index trades firmer for a third consecutive session, re-taking the 50-dma and putting the greenback on course to erase the entirety of the NFP-inspired dip posted on Friday. The moves coincide with a generally risk-off theme across asset prices, with both equity futures and core bond yields on the back foot.
  • GBP/USD's slippage to new pullback lows comes amid light futures volumes across G10 currency futures. Most major currency futures contracts are seeing participation running 15-20% below average for this time of day. In spot, a close at current or lower levels in GBP/USD would secure a finish below the 50-dma, proving Friday's rally in the pair as corrective in nature, and would work in favour of a resumption of a medium-term downtrend. 1.2185 marks next support in focus, with markets shrugging off the speech from Bailey as non-monpol related.
  • This leaves USD, CNY as the session's best performers so far, while EUR and GBP sit toward the bottom of the G10 table.
  • Data is light Wednesday, with just the Bank of Canada summary of deliberations on the docket alongside September final wholesale trade sales data from the US.
  • This should keep the focus on the speaker slate, with Fed's Cook, Williams, Barr and Jefferson set to make appearances as well as the Fed Chair Powell, who delivers opening remarks at a statistical conference at 1415GMT/0915ET. ECB's de Cos & Vujcic are also on the docket.
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