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USD Finds Support In Early Trade

FOREX

After opening up slightly softer, the USD has regained its footing in the first part of trading today. Sentiment has been supported following comments by Fed Governor Waller. The Governor noted the last CPI report was just one data point, while also noting rates will not come down until there is clear, strong evidence inflation is falling (echoing the higher for longer theme). The market should also focus on the end point for rates, not meeting to meeting outcomes.

  • USD/JPY is up to 139.80, around 0.70% above NY closing levels. The high was near 140.00. EUR/USD is down around 0.30% to 1.0315/20.
  • AUD and NZD have tried to push higher in the earlier part of trading, following details of meaningful support for the China property sector were released.
  • However, both pairs have turned lower, to be around 0.40% down on closing levels last week. AUD/USD was last around 0.6675, NZD/USD 0.6075/80.
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