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USD Firms, But Off Best Levels

FOREX

The USD index sits close to 1245 in recent dealings, up around 0.1% for the session so far, but down slightly from session highs (1245.60).

  • Initial support for the USD was evident as US cash Tsys resumed trading after the long weekend. Yields opened higher, particularly at the back end. Still, we are away from highs in yield terms, with the 10yr last near 4.29%. This has like tempered US demand at the margins.
  • US equity futures sit lower, off by around 0.30%, another potential USD support point. Regional equities have mostly tracked lower in Asia, although are away from lows. The larger than expected cut in China's 5yr LPR (-25bps to 3.95%) hasn't materially impacted sentiment.
  • The RBA minutes stated the central bank considered a hike, but this only saw a modest recovery in AUD sentiment. AUD/USD sits near 0.6530 in latest dealings, -0.15% for the session. Iron ore prices have continued to correct lower.
  • NZD/USD is off by a similar amount, last near 0.6140. The AUD/NZD cross is up from earlier lows at 1.0625, last near 1.0635.
  • USD/JPY has firmed a touch, last near 150.30/35, but overall moves have been modest.
  • Looking ahead, the BoE’s Bailey appears. There are also January Canadian CPI data and US Philly Fed non-manufacturing and leading indices.
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