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USD Gives Up Gains As UST 2yr Yield Dips Below Overnight Lows

FOREX

The USD has done an abrupt u-turn, with the BBDXY back lower, -0.15% off closing levels to 1320/21 and threatening to break back through the simple 50-day (1320.81). Note lows in this index came in close to 1315 yesterday.

  • No obvious headline catalysts are driving the move. US equity futures are away from worst levels, with Eminis around session highs near 3810.
  • US yields have edged back down as well, with the 2yr back to 4.26%, which is through overnight lows. We were closer to 4.29% not long after the open.
  • EUR/USD is back close to parity, while NZD/USD is the best performer within the G10 space, up over 0.50%, and back close to the 0.5860 level.
  • AUD/USD is up 0.3% to 0.6470, while JPY is lagging broader USD moves. USD/JPY was last at 146.50, ahead of the BoJ outcome.
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