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Swiss Franc Outperforms As Risk Falters, Cad Rallies With Oil

FOREX
  • Since making fresh 12-month highs last week, the dollar index has retreated for a third consecutive session, losing roughly a quarter of a percent on Monday, boosting the Euro, Aussie and Kiwi in the process.
  • The greenback was unable to catch a bid with higher US yields early in the session, however happily retreated as yields tracked lower during NY hours. With the focus firmly on September payrolls on Friday, pre-positioning/profit taking may be working against the dollar.
  • CHF was a beneficiary to the risk-off tone and was the best performing G10 currency. USDCHF fell 0.7% with roughly a 100 pip move off the 0.9328 highs posted shortly after the open.
  • GBPUSD was strongly supported on Monday, grinding from a 1.3530 base all the way to print a high at 1.3640. Despite the uptick, the pair maintains a bearish technical theme and initial resistance is seen at the 1.3662 zone.
  • Fresh cycle highs in crude futures buoyed the Canadian Dollar and Norwegian Krone, both rising around half a percent and largely ignoring the waning sentiment across equity markets.
  • Faltering equities did impact pockets of the EM FX space. EM currency indices fell around 0.4% with substantial declines noted in both ZAR (-1.15%) and BRL (-1.4%).
  • The main risk event overnight will be the RBA rate decision and statement where consensus looks for the RBA to leave its monetary policy settings unchanged. ISM Services PMI will headline the US data calendar on Tuesday.
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