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Risk-On Backdrop Tilts USD Index to Lower Low

FOREX
  • JPY is the poorest performing currency in G10 so far Tuesday, helping keep USD/JPY uncomfortably close to the weekly highs and levels last seen when the MoF intervened in currency markets on Sep 22. This leaves 145.30 as the first upside level.
  • Equities are trading well, with US stock futures in firm positive territory as the e-mini S&P extends the recovery off the Monday lows to 150 points. European indices are similarly strong, with the tech sector a particular source of positivity - the Stoxx600 tech sector sits higher by over 3% at typing.
  • The USD Index sits lower, touching a lower low for the fifth consecutive session. US curves have steepened slightly, with the front-end led lower, prompting 2y yields to shed as much as 10bps.
  • Meanwhile, AUD trades softer following the RBA rate decision, at which the bank raised rates by 25bps to 2.60%, against expectations for a 50bps move. AUD/USD traded a low of 0.6451, leaving Monday's 0.6402 as support.
  • Final durable goods data crosses later today but is unlikely to move the needle ahead of the larger releases later in the week, most notably the September jobs report. Central bank speakers due Tuesday include Fed's Logan, Williams, Mester, Jefferson and Daly. ECB's Lagarde is also on the docket, speaking at a central bank of Cyprus event.
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