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USD Fades Despite Steady Start

FOREX
  • After a steadier start to the week, the USD has faded through to the NY crossover, putting the USD lower against most others in G10. Resultingly, the USD Index is south of Friday's lows, with last Monday's 101.531 the next level of support.
  • The state of US-China trade relations remains a market focus after weekend reports from the FT that the USA are pressing South Korea to resist boosting microchip sales to China should Beijing move to ban Micron Technology from the territory. The South Korean President is set to visit the US later today for a state visit.
  • JPY is the sole currency to underperform the USD so far Monday, with focus resting on the BoJ rate decision later this week - at which they're expected to retain their ultra-easy policy.
  • CHF is among the better performers so far, however price action has been relatively muted. Nonetheless, USD/CHF is within range of cycle lows printed earlier this month at 0.8860. Slippage below here would put the pair at the lowest level since Q1 2021.
  • With the FOMC inside the Fed's pre-meeting media blackout period, markets continue to look to glean any further signals from the regional Fed indices today, with both Chicago Fed and Dallas Fed activity indices on the docket. ECB speak is plentiful Monday, with ECB's Vujcic, Villeroy and Panetta already making appearances. Both Vujcic and Panetta are set to speak again.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesCommodities Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommoditiesCommodities Market News

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