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USD Index Lower Before Stabilizing, Recent Ranges Holding

FOREX

The USD has faltered further in the last trade period. The BBDXY now off around 0.15%, last near 1236.2 (earlier lows rest at 1235.85). FX markets are largely ignoring the pick up in US yields, although we are away from best levels from a US yield standpoint (benchmarks last +2-4bps higher).

  • Better equity sentiment is helping with US futures continuing to grind higher, Nasdaq futures leading the move last near +0.40%. Regional equities are mostly lower, although HK markets are rebounding led by tech.
  • Such moves are likely leaning against the USD at the margin. NZD/USD is up around 0.3%, last close to 0.6130/35, just off session highs (0.6139). We remain within recent ranges though. AUD/USD is 0.6575, up more modestly (+0.10%.
  • USD/JPY got to lows of 146.48, but we now sit back near 146.60/65.
  • Data outcomes haven't shifted FX sentiment a great deal today. The China Caixin PMI as expected at 50.8.
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