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Free AccessUSD Loses Ground
The USD has tracked lower, with the DXY around -0.30% below NY closing levels from last Friday to 104.40. Firmer equity futures and strong leads from China stocks regionally, appear the main catalysts for this dip.
- EUR/USD was sold early, as French leader Macron lost his outright majority and will have a tougher time pushing through his agenda. Still, we bounced from 1.0460/65 and last track just under 1.0530. This could become a renewed focus point once London/EU markets swing into action.
- USD/JPY tried to breach 135.50 in early trade but once again failed to do so. We slipped underneath 135.00, as equity futures wobbled. However, we have stayed sub this level even as equities turned higher.
- AUD/USD is up close to 0.50% to 0.6965, the best performer within the G10 FX space so far today. The currency market has shrugged off another sharp fall in iron ore prices. Higher China equities, buoyed by stimulus has helped, as has the sharp drop in USD/CNH, back to 6.6700 (-0.60% on the day).
- NZD/USD has broadly tracked AUD higher, but has underperformed by a small margin. We sit +0.30% higher, at 0.6335. The Performance of Services Index rose back to 11th month highs, printing 55.2 versus 52.2 in April.
- Other currencies are stronger against the USD, albeit to varying degrees. NOK is around 0.45% firmer, CAD 0.22%. GBP/USD is only modestly higher.
- A quick reminder that The U.S. will observe the Juneteenth holiday on Monday, which will result in closures/abbreviate trading hours for US markets.
- Note though we will still see St. Louis Fed President Bullard (’22 voter) comment on inflation and interest rates.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.