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USD Index Consolidates Leg Lower As Stocks Hold Monday Gains

FOREX
  • Despite a volatile session for equities and a strong reversal from session highs, major benchmarks overall are holding onto gains made on Monday, leading to the greenback consolidating yesterday’s weaker session.
  • Topping the G10 leaderboard is Kiwi, with New Zealand's Q3 CPI coming in well ahead of expectations (2.2% Q/Q vs. Exp, 1.5%) and fuelling potential for a further 75bps move at the November 23rd RBNZ decision.
  • Both the AUD and Euro are set to modestly extend on Monday’s advance amid the more positive short-term outlook for risk sentiment. The Canadian dollar, however, has fallen 0.45% as oil prices continue their descent and WTI futures pierce through short-term support levels.
  • Showing similar weakness is GBPUSD which has also fallen just under half a percent. Early sterling strength faded through the NY crossover and cable remains 0.45% lower on the day as the Bank of England has confirmed it will start its delayed bond sales early next month.
    • EUR/GBP briefly tested above the Monday high at 0.8722 with the focus on 0.8738, the 20-day EMA.
  • Both UK and Canadian CPI data headline Wednesday’s docket, with US building permits & housing starts data also scheduled for release.
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