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USD Index Extends Decline, ZAR and CLP Outperform

USD
  • A moderate bounce off the lows for major equity benchmarks upon the cash open has added weight to the USD index, which now sits 0.23% lower on the session. While the index is softer (against the grain of higher US yields), it remains well within range of the recovery high, and above 103.99, the short-term outlook remains bullish.
  • The South African Rand continues to outperform in the emerging market currency space, with USDZAR sliding back below 19.00 ahead of Wednesday's rate decision. (Preview link here.)
  • In LatAm, the Chilean peso is also outperforming, although USDCLP losses on Monday are yet to bridge the gap to Thursday's close at 972.80 and technical conditions remaining firmly in bullish territory.
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