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FOREX: USD Follows Tech Names Lower, with NVidia Plumbing a New Pullback Low

FOREX
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Greenback fades further following the first hour of US equity trade, and the correlation with stocks and, in particular, US tech remains clear - as noted just above, Nvidia share price is extending the recent DeepSeek inspired slide, lower by over 5.5% on the day and undermining the greenback in the process.

  • EUR/USD is comfortably back above the 1.0400 handle to trade back to unchanged, while USD/JPY is testing another daily low having printed 154.95.
  • In terms of newsflow, marginal support from the Reuters report on DeepSeek's inaccuracy has certainly faded, with markets likely gearing for the Fed decision and press conference and considering mixed month-end flow into today's WMR fix window. Worth recalling today marks month-end value date.
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Greenback fades further following the first hour of US equity trade, and the correlation with stocks and, in particular, US tech remains clear - as noted just above, Nvidia share price is extending the recent DeepSeek inspired slide, lower by over 5.5% on the day and undermining the greenback in the process.

  • EUR/USD is comfortably back above the 1.0400 handle to trade back to unchanged, while USD/JPY is testing another daily low having printed 154.95.
  • In terms of newsflow, marginal support from the Reuters report on DeepSeek's inaccuracy has certainly faded, with markets likely gearing for the Fed decision and press conference and considering mixed month-end flow into today's WMR fix window. Worth recalling today marks month-end value date.