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USD Index Off Lows, But Corrective Pullback Could Persist

FOREX
  • The USD Index is just off lows, but remains in close proximity to multi-month lows posted in overnight Asia-Pac trade at 103.074. This keeps the USD pullback intact ahead of month-end, with first key support at 102.546 the next downside target: the 61.8% retracement of the uptrend drawn off the July low. To the upside, any extended recovery will have to top the 200-dma of 103.612.
  • The JPY is modestly outperforming, higher against most others amid generally softer global equity markets. The e-mini S&P saw weakness overnight to trade 4550.50 alongside the European open. Moves are contained at present, however, keeping the equity uptrend intact headed into month-end.
  • Oil and commodity-tied currencies are seen firmer, helped by WTI and Brent crude futures inching off pre-OPEC meeting lows. Resultingly, AUD and CAD are firmer and toward the top of the G10 table. AUD/USD printed a new cycle high Tuesday at 0.6632, making for a clean break of the 200-dma resistance after the close above on Monday.
  • Focus Tuesday turns to the US consumer confidence release for November and the Richmond Fed Manufacturing Index. Fedspeak picks up after the Thanksgiving break, with Goolsbee, Waller, Bowman, Barr, and Paese all set to appear. Outside of the Fed, ECB's Lagarde, Lane and BoE's Haskel make appearances.
Energy BulletsCommodities
Energy BulletsCommodities

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