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FOREX: USD Index Trades on Firmer Footing, Assisted by Higher Yields

FOREX
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  • Higher treasury yields have helped the US dollar recoup some of its recent losses on Tuesday, with pressure on equity markets providing an additional tailwind for the greenback.
  • G10 declines have been led by the risk sensitive New Zealand dollar, notably underperforming its Antipodean counterpart following the hawkish cut from the RBA. As such, The AUDNZD cross has advanced 0.52% on the session, close to recent highs of 1.1149. Late 2024 highs represent the most notable level on the topside at 1.1180, a breach of which would place the cross at the highest level since late 2022.
  • Fixed income market dynamics have weighed on the Japanese yen, and USDJPY stands comfortably above the overnight lows around the 152.00 mark. The pair remains in a technical bear cycle, and the focus remains on the bear trigger at 150.93, the Feb 7 low. Clearance of this level would resume the bear cycle that started on Jan 10, and would target 149.69 (Dec 9 low) and 148.65, the Dec 3 low and a key support.
  • The firmer dollar has worked against the single currency, with EURUSD sliding 0.4% to 1.0440. Given a short-term bullish theme dominates, technical support is not seen until 1.0280, the Feb 10 low.
  • Wednesday’s APAC session is headlined by the RBNZ, expected to cut the official cash rate by 50bp to 3.75%, before the focus then turns to UK CPI. In the US, the FOMC minutes have the spotlight. Details surrounding the most recent adjustments to the January statement, as well as any discussion or analysis regarding the potential impact of the new presidential administration's policy shifts will be scrutinised.
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  • Higher treasury yields have helped the US dollar recoup some of its recent losses on Tuesday, with pressure on equity markets providing an additional tailwind for the greenback.
  • G10 declines have been led by the risk sensitive New Zealand dollar, notably underperforming its Antipodean counterpart following the hawkish cut from the RBA. As such, The AUDNZD cross has advanced 0.52% on the session, close to recent highs of 1.1149. Late 2024 highs represent the most notable level on the topside at 1.1180, a breach of which would place the cross at the highest level since late 2022.
  • Fixed income market dynamics have weighed on the Japanese yen, and USDJPY stands comfortably above the overnight lows around the 152.00 mark. The pair remains in a technical bear cycle, and the focus remains on the bear trigger at 150.93, the Feb 7 low. Clearance of this level would resume the bear cycle that started on Jan 10, and would target 149.69 (Dec 9 low) and 148.65, the Dec 3 low and a key support.
  • The firmer dollar has worked against the single currency, with EURUSD sliding 0.4% to 1.0440. Given a short-term bullish theme dominates, technical support is not seen until 1.0280, the Feb 10 low.
  • Wednesday’s APAC session is headlined by the RBNZ, expected to cut the official cash rate by 50bp to 3.75%, before the focus then turns to UK CPI. In the US, the FOMC minutes have the spotlight. Details surrounding the most recent adjustments to the January statement, as well as any discussion or analysis regarding the potential impact of the new presidential administration's policy shifts will be scrutinised.