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US Dollar Partially Recovers Ahead Of Central Bank Speakers

EMERGING MARKETS
  • The greenback is trading in slightly firmer territory on Tuesday in a muted session so far on Tuesday and only partially reverses the substantial weakness on Monday. CNH sits slightly lower on an intraday basis, but USD/CNH did manage a lower low during Asia-Pac hours. This put the pair at new multi-month lows of 6.7589. 6.7359 sits as next support, the Aug 15 2022 low.
  • Tier one data releases remain few and far between, keeping focus on central bank speak. The Riksbank hold a day-long conference on the topic of central bank independence, with Fed's Powell, BoE's Bailey, ECB's Schnabel, BoC'S Macklem and others all due to appear.
  • The relevance of their comments on near-term policy remains to be seen, with market focus still on Thursday's US CPI release and the incoming raft of US corporate earnings reports.

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