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FOREX: USD Index Firms Amid Fresh Tariff Threats, Yen Marginally Outperforms

FOREX
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The USD BBDXY index has ticked up to 1288.5, a modest 0.15% gain. Still, the technical picture for this index looks a little less adverse than it did at the start of the week. The USD is up against all of the G10 currencies, and also firmer against all of the Asian currencies as well. 

  • The US Wednesday session was buffeted by various tariff headlines from Trump and administration officials. In the wash up tariff announcements on Mexico and Canada could still take place next week, after earlier Trump remarks pointed to a delay. Trump also had strong rhetoric against the EU, proposing a 25% tariff.
  • EUR/USD is off around 0.20%, last near 1.0465. EU equity futures are off close to 0.60% for Euro Stoxx.
  • Higher beta plays are off 0.25-0.30%, with AUD and NZD slightly underperforming the rest of the G10.  AUD/USD was last just under 0.6290, off 0.25%, which is fresh lows back to mid Feb. NZD/USD is near 0.5680, also around multi week lows.
  • The A$ looked through RBA Deputy Governor Hauser’s comments before the Senate Economics Committee, which were in line with the February meeting statement and Governor Bullock’s press conference. Q4 Capex in Australia was weaker than forecast, pointing to a drag on GDP growth.
  • USD/JPY has been supported below 149.00, with lows of 148.75. We have seen US yields tick higher, but JGB yields are also higher, biasing US-JP yield differentials lower. Yen is marginally outperforming the G10.
  • US equity futures are lower for the Nasdaq, as the market digested the Nvidia result earlier. Headline earnings were better than forecast but this hasn't boosted aggregate sentiment.
  • Later the Fed’s Barkin, Schmid, Barr, Bowman, Hammack and Harker all speak. Revised Q4 US GDP, preliminary January orders, jobless claims, February Kansas Fed manufacturing, euro area February EC survey, preliminary February Spanish CPI and ECB January meeting accounts are published.
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The USD BBDXY index has ticked up to 1288.5, a modest 0.15% gain. Still, the technical picture for this index looks a little less adverse than it did at the start of the week. The USD is up against all of the G10 currencies, and also firmer against all of the Asian currencies as well. 

  • The US Wednesday session was buffeted by various tariff headlines from Trump and administration officials. In the wash up tariff announcements on Mexico and Canada could still take place next week, after earlier Trump remarks pointed to a delay. Trump also had strong rhetoric against the EU, proposing a 25% tariff.
  • EUR/USD is off around 0.20%, last near 1.0465. EU equity futures are off close to 0.60% for Euro Stoxx.
  • Higher beta plays are off 0.25-0.30%, with AUD and NZD slightly underperforming the rest of the G10.  AUD/USD was last just under 0.6290, off 0.25%, which is fresh lows back to mid Feb. NZD/USD is near 0.5680, also around multi week lows.
  • The A$ looked through RBA Deputy Governor Hauser’s comments before the Senate Economics Committee, which were in line with the February meeting statement and Governor Bullock’s press conference. Q4 Capex in Australia was weaker than forecast, pointing to a drag on GDP growth.
  • USD/JPY has been supported below 149.00, with lows of 148.75. We have seen US yields tick higher, but JGB yields are also higher, biasing US-JP yield differentials lower. Yen is marginally outperforming the G10.
  • US equity futures are lower for the Nasdaq, as the market digested the Nvidia result earlier. Headline earnings were better than forecast but this hasn't boosted aggregate sentiment.
  • Later the Fed’s Barkin, Schmid, Barr, Bowman, Hammack and Harker all speak. Revised Q4 US GDP, preliminary January orders, jobless claims, February Kansas Fed manufacturing, euro area February EC survey, preliminary February Spanish CPI and ECB January meeting accounts are published.