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USD Index Remains Close To Unchanged As US Inflation Data Awaited

FOREX
  • The USD had been trending a touch lower in early trade on Tuesday, although price action remained subdued given the lack of data/speakers and the close proximity to key US inflation data tomorrow.
  • However, as equities underwent a sharp bout of weakness, putting the e-mini S&P at new pullback lows, the broad USD index received a near 30 pip boost to trade close to opening levels on the session.
  • AUD and NZD are rising once again with the recent bounce in AUDUSD cementing the break of resistance around the 50-day EMA. As mentioned, this marks a bullish development and confirms the recent bout of weakness between Mar 8 - Apr 1 has been a correction. NZDUSD is up 0.36% which extends the April recovery back above 0.6050 ahead of the overnight RBNZ decision.
  • USDJPY had a brief push lower to 151.57 as equities dropped, however the pair remains well within range of the key 152.00 level. The yen’s sensitivity to major US data points has remained a key theme for global markets in recent months, however, USDJPY’s proximity to multi-decade resistance and the potential threat of MOF intervention is placing the Yen’s tradability into question at current levels.
  • We highlight some key topside levels for USDJPY and the crosses ahead of the US CPI release and the potential downside targets should market sentiment prompt a yen recovery: https://roar-assets-auto.rbl.ms/files/60797/FX%20Market%20Analysis%20-%20JPY%2009-04.pdf
  • Both the RBNZ and the BOC are widely expected to hold rates on Wednesday, keeping US CPI the highlight of the docket. This will later be complemented by the FOMC minutes later in the session.
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