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FOREX: USD Index Lower, Safe Havens Lose Ground As US Equity Futures Recover

FOREX
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The major currencies are firmer against the USD, although safe havens JPY and CHF are away from best levels as US equity futures recovered some ground. The BBDXY index was last near 1269.7, off around 0.10% versus end NY close levels from Monday. 

  • Focus today has remained on US equity trends. Eminis slumped after re-opening, down 1%. This was fresh lows for the active contract back to Sep last year. US growth concerns still remain, although we didn't see any fresh catalyst for this morning's move down.
  • Sentiment has stabilized as the session progressed, with Eminis now marginally higher for the session. We did enter oversold territory for the active contract (based off RSI 14), which may have helped drive some short covering.
  • USD/JPY got to fresh lows of 146.54, before stabilizing with US equity futures. We were last near 147.05/10, still up around 0.15% in yen terms. Earlier data showed weaker than forecast Jan household spending, while Q4 GDP was revised down due to flat consumption growth. This underscores policy efforts to boost real wages growth this year (something endorsed by PM Ishiba yesterday).
  • USD/CHF is back under 0.8800, around 0.20% stronger in CHF terms. EUR is near 1.0850, also up modestly.
  • AUD and NZD are tracking modestly weaker. Data prints in both countries today not shifting sentiment. AUD/USD was last under 0.6270, while NZD was under 0.5690, challenging EMA support.
  • US yields are lower but away from session troughs. The 10yr got to 4.15% not long after the open, following US equity futures. We were last near 4.18%, still off 3bps.
  • Looking ahead, US January JOLTS job openings/layoffs print and given growth concerns are likely to be monitored closely. Bloomberg consensus is for steady 7600k vacancies and a slight pickup in layoffs to 1806k. The Eurogroup/Ecofin meetings take place today.
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The major currencies are firmer against the USD, although safe havens JPY and CHF are away from best levels as US equity futures recovered some ground. The BBDXY index was last near 1269.7, off around 0.10% versus end NY close levels from Monday. 

  • Focus today has remained on US equity trends. Eminis slumped after re-opening, down 1%. This was fresh lows for the active contract back to Sep last year. US growth concerns still remain, although we didn't see any fresh catalyst for this morning's move down.
  • Sentiment has stabilized as the session progressed, with Eminis now marginally higher for the session. We did enter oversold territory for the active contract (based off RSI 14), which may have helped drive some short covering.
  • USD/JPY got to fresh lows of 146.54, before stabilizing with US equity futures. We were last near 147.05/10, still up around 0.15% in yen terms. Earlier data showed weaker than forecast Jan household spending, while Q4 GDP was revised down due to flat consumption growth. This underscores policy efforts to boost real wages growth this year (something endorsed by PM Ishiba yesterday).
  • USD/CHF is back under 0.8800, around 0.20% stronger in CHF terms. EUR is near 1.0850, also up modestly.
  • AUD and NZD are tracking modestly weaker. Data prints in both countries today not shifting sentiment. AUD/USD was last under 0.6270, while NZD was under 0.5690, challenging EMA support.
  • US yields are lower but away from session troughs. The 10yr got to 4.15% not long after the open, following US equity futures. We were last near 4.18%, still off 3bps.
  • Looking ahead, US January JOLTS job openings/layoffs print and given growth concerns are likely to be monitored closely. Bloomberg consensus is for steady 7600k vacancies and a slight pickup in layoffs to 1806k. The Eurogroup/Ecofin meetings take place today.