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USD Bounces Back As US Yields Surge To Fresh Highs

FOREX
  • The greenback rallied firmly on Wednesday, with the USD index erasing the majority of the week’s weakness amid further pressure on US treasuries with yields climbing to fresh cycle highs and major equities turning back lower.
  • Greenback strength was broad based against G10 and EM currencies alike, with notable 1% declines for GBP, CHF and EUR standing out during the session.
  • EURUSD traded back below its 20-day EMA and for now the trend remains down. This week’s rally fell short of key resistance at 0.9910 - the top of the bear channel drawn from the Feb 10 high. Gains are still considered to be corrective at this juncture - key short-term support is at 0.9633, the Oct 13 low.
  • USDJPY continues to edge higher and print within 11 pips of the psychological 150.00 mark. Above here we have 150.45, a Fibonacci projection, with markets continually assessing the probability of another round of intervention from Japanese officials. Additionally, 1.0065-75 provides a strong horizontal technical point in USDCHF, that has seen strong 1.10% gains today.
  • USDCNH also breached the September highs above 7.2674 and has consolidated around 7.27 as we approach the APAC crossover.
    • Technical levels of note on the topside include 7.2851, a Fibonacci projection, before 7.3000, round number resistance.
  • Thursday’s APAC session is highlighted by Australian employment data for September. In Europe, minor releases of German PPI and Swiss trade balance are scheduled. In the US, Philly Fed Manufacturing Index, unemployment claims and existing home sales are in focus.
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