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USD Down Modestly As US Yields Remain On The Backfoot


The USD is slightly weaker in early dealings today. The BBDXY off nearly 0.10%, last tracking near 1242. There have been no standout performers against the USD, albeit with the majors slightly outperforming beta plays in early dealing.

  • In the cross asset space, the early tone to US yields is weaker (-1-2bps down across the curve), continuing the theme from Monday's NY session. TYU3 is through Monday session highs, last tracking at 109-24, +04. US equity futures are close to flat at this stage.
  • USD/JPY is down to 146.30/35, off nearly -0.15% at this stage, with US yield moves offsetting weaker than expected unemployment figures out earlier. We aren't too far off Monday session lows near 146.25.
  • AUD and NZD are a touch higher but remain comfortably within recent ranges. AUD/USD last 0.6430/35, NZD/USD near 0.5910.
  • GBP/USD is a touch higher to 1.2615/20. Earlier the shop price index rose 6.9% y/y for August, down from 7.6% in July. We are comfortably off earlier 2023 highs of ~9%. EUR/USD is back to 1.0830.
  • The data calendar/event risk is light for the rest of the session. incoming RBA Governor Bullock speaks later on 'Climate change and central banks'.

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