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USD Index Consolidates at Elevated Levels, EURUSD Testing 1.0800

FOREX
  • While the USD index operated within a relatively contained range on Tuesday, the consolidation at lofty levels is keeping the renewed greenback optimism a prominent dynamic across the fx space.
  • There were mixed performances across the G10 currencies, and notably both the AUD (+0.38%) and NZD (+0.28%) have outperformed. An overnight bid for the antipodeans has been consolidated by a late bounce for major equity benchmarks.
  • However, this has not been the case for either the Euro or the Japanese Yen, which have once again underperformed. The consolidation of greenback strength continues to pressure EURUSD, which is currently testing its most recent lows around the 1.08 handle.
  • Yesterday, the pair failed in its attempt to retake the 200-dma resistance, which held well at 1.0872 in not just Asia-Pac trade - but also on intraday rallies across Thursday and Friday last week. The move down exposes 1.0778, the Aug 1 low and the next key support. Clearance of this level would strengthen a bearish theme and open 1.0746 (Fibonacci retracement) and 1.0710, the Jul 2 low.
  • USDJPY maintains a bullish technical tone having extended the rally above the 50-day EMA to reach as high as 151.20 today. Price action highlights a stronger reversal and sights are now on 151.94, the Jul 25 low. The move higher also sets the scene for an extension towards 153.40, the 61.8% retracement point of the downleg posted off the July 3rd high. Initial firm support to watch moves up to 147.42, the 50-day EMA.
  • The Bank of Canada rate decision and press conference highlights the Wednesday calendar, while US Existing Home Sales will also cross. Speeches from the annual IMF meetings will also continue to be monitored.
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