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USD Index Reverts to New Pullback Lows

USD
  • Greenback fades further into the NY crossover, helping aid EUR/USD, GBP/USD and AUD/USD to the session's best levels. Moves come in tandem with a very modest uptick in the e-mini S&P, although the overnight highs and yesterday's highs remain intact just above (4829.25 and 4834.50 respectively).
  • The USD Index is resultingly at new pullback lows, touching the lowest levels since late July to extend the post-Fed pullback to close to 2.5%.
  • While much of the flow may have come before the Christmas break, worth recalling the solid rally in equity markets after the Fed in December will result in a larger-the-average need to sell USD for month-end rebalancing requirements - a view borne out in a number of sell-side models we've seen so far this month.
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