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USD Index Firmer Despite Softer Yield Curve

FOREX
  • The USD index is on the front foot, building on the late progress made on Tuesday, although the week's best levels are out of reach for now at 92.194. The more solid greenback comes despite an ebb lower in US 10y yields this morning, which have slipped to new weekly lows of 1.460% as equity markets edge further off session highs.
  • Haven currencies are trading well, with JPY among the best performers of the day as European and US equity markets slipped on headlines that Russia had conducted a cyber attack on the German banking system, according to reports in Bild.
  • Antipodean currencies are faring poorly, with AUD and NZD among the largest decliners ahead of the NY crossover. AUD/USD eyes the mid-June lows of 0.7476. A break below here would mark the lowest rate since December.
  • MNI Chicago PMI data is the calendar highlight Wednesday, with activity expected to slow to 70.0 from 75.2 previously. ADP employment change also crosses, which markets will be watching for any clues ahead of Friday's NFP release.
  • Outgoing MPC member Andy Haldane speaks on monetary policy at 1200BST, with Fed's Bostic and Barkin also due.
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