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USD Finding Some Support, Yield Tick Up & Weaker HK/China Equities Helping

CROSS ASSET

The USD has firmed a touch in recent dealings, although overall ranges are fairly tight. The BBDXY last above 1243, nearly +0.10% firmer for the session. Earlier lows were near 1241.601, close to the simple 200-day MA for the index.

  • The tick down in US Tsy futures is helping the USD at the margin. We haven't made a decisive break below Thursday lows (last 108-16, -10), but the bias is softer. Re-opened cash US Tsy yields are +4-+6bps higher across the curve. The belly is leading the cheaps.
  • EUR/USD is back sub 1.0900, while AUD (last near 0.6550 ) and NZD (last 0.6045) have moved off session highs. USD/JPY is steady near 149.55.
  • Asian FX is also weaker against the USD, USD/CNH has crept back above 7.1550, earlier lows were near 7.1425. 1 month USD/KRW has also firmed, last near 1302.5, close to Thursday highs.
  • Some softness in HK/China equities is likely a headwind (HSI off 1.5%). Property names have given back some of the recent gains seen, while earnings momentum is another headwind.
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