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USD Boosted as Global Bank Shares Hit Retreat

FOREX
  • The USD trades on the front foot in early Tuesday trade, with markets taking note of a series of negative sector news for global banks. Firstly, Moody's cutting their rating on the US Banking sector, with the ratings agency flagging the weaker outlook for banks stemming from both higher funding costs as well as office and commercial real estate exposure.
  • Compounding the pullback in banking stocks, a fresh windfall tax on banking sector profits has hurt the EuroStoxx50 Bank Index and sent the likes of UniCredit lower by over 5% - making for a risk-off feel ahead of the NY crossover.
  • Equities are lower, alongside global yields, hindering progress among AUD and NZD, which again are circling key support and recent lows. AUD/USD trades heavy and is through to new weekly lows this morning, and now sits within range of 0.6514, the early August low and bear trigger.
  • Weakness through here puts the pair at the lowest level since June 1st and within range of a series of key levels: firstly the YTD low and assumed sizeable support at 0.6458 - the May 31st low - as well as one of the largest option strikes for today's NY cut: A$1.4bln set to roll off at $0.6450.
  • Focus turns to the US trade balance release for June, followed by wholesale trade sales and inventories stats. Speeches are set from Fed's Harker and Barkin.
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