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Stable Start, Equity Pullback Hits Pause

FOREX
  • The greenback is furtively firmer early Monday, putting the USD Index higher on the day but still stubbornly below last Friday's highs as well as congestion resistance layered at the now-converged 50- and 100-dmas.
  • NZD is among the strongest performers in G10 on a slightly more solid US equity futures backdrop. The pullback in the e-mini S&P has stalled, signaling a slightly higher open Monday after the weakness into the Friday close. NZD/USD remains uncomfortably close to the bear trigger, however, crossing at the Thursday low of 0.6061 and the late June lows of 0.6051.
  • SEK is among the poorest performers, keeping EUR/SEK north of the 50-dma at 11.6556 and suggesting the onus remains higher in the cross for now.
  • Datapoints are few and far between Monday, but the central bank speaker slate is busier: Fed's Bostic and Bowman are set to make appearances as well as BoE's Huw Pill. Risk events pick up later in the week, with US CPI, PPI and prelim Uni of Michigan releases on the docket.
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