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FOREX: USD Firmer Ahead Of Holiday Period, BoJ & RBA Minutes Today

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The USD was mostly on the front foot post the Asia close on Monday, albeit in lighter liquidity conditions as markets start to wind down ahead of the Christmas/NY period. The BBDXY climbed 0.30%, to push back above 1300, while the DXY gained nearly 0.45%. For the BBDXY index we are still short of recent cycle highs at 1305.5. 

  • Safe havens underperformed in Monday trade, JPY losing 0.50%, while CHF lost 0.60%. US yields were higher across the curve, with the 10yr back close to 4.59% (up over 6bps). The move appeared independent of data outcomes and debt sales.
  • It did help USD sentiment, while equity sentiment was positive in US markets as well. The SPX rising up over 0.70%.
  • USD/JPY got to highs of 157.27, but tracks slightly lower in early Tuesday dealings, last near 157.10/15. Recent highs at 157.93 remain intact. USD/CHF was last around 0.8985.
  • GBP/USD is back to 1.2535 (off 0.30%), with softer GDP revisions from Monday weighing. EUR/USD is close to 1.0405/10.
  • AUD and NZD outperformed on a relative basis for Monday's session. AUD/USD was supported at around 0.6220, last near 0.6250, while NZD/USD was near 0.5650 in latest dealings.
  • Today we have the BoJ Minutes from the Oct policy meeting. The RBA minutes from the Dec meeting are also due. 

 

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The USD was mostly on the front foot post the Asia close on Monday, albeit in lighter liquidity conditions as markets start to wind down ahead of the Christmas/NY period. The BBDXY climbed 0.30%, to push back above 1300, while the DXY gained nearly 0.45%. For the BBDXY index we are still short of recent cycle highs at 1305.5. 

  • Safe havens underperformed in Monday trade, JPY losing 0.50%, while CHF lost 0.60%. US yields were higher across the curve, with the 10yr back close to 4.59% (up over 6bps). The move appeared independent of data outcomes and debt sales.
  • It did help USD sentiment, while equity sentiment was positive in US markets as well. The SPX rising up over 0.70%.
  • USD/JPY got to highs of 157.27, but tracks slightly lower in early Tuesday dealings, last near 157.10/15. Recent highs at 157.93 remain intact. USD/CHF was last around 0.8985.
  • GBP/USD is back to 1.2535 (off 0.30%), with softer GDP revisions from Monday weighing. EUR/USD is close to 1.0405/10.
  • AUD and NZD outperformed on a relative basis for Monday's session. AUD/USD was supported at around 0.6220, last near 0.6250, while NZD/USD was near 0.5650 in latest dealings.
  • Today we have the BoJ Minutes from the Oct policy meeting. The RBA minutes from the Dec meeting are also due.