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USD Index Unchanged As Markets Stabilise

FOREX
  • As concerns over US banking stability abated compared to the panic of the prior two sessions, the USD index is unchanged as we approach Tuesday’s APAC crossover. Stronger equity markets overall and the lower yields at the front-end of the US curve have weighed on the JPY, whereas risk-tied AUD, NZD and CAD have all outperformed.
  • Over the US CPI data, USDJPY (+0.64%) aggressively whipsawed and price action eventually prompted a 134.90 print, an impressive recovery from the 132.29 low. Prices have since moderated back to the 134.00 mark ahead of the close and overall, last Friday’s move lower and Monday’s bearish extension, highlights potential for a deeper corrective pullback.
    • The pair has traded below support at 134.22, the 50-day EMA. Traders will continue to monitor a clear break of this average which strengthens a short-term bearish threat and exposes 131.31, a Fibonacci retracement point.
  • EURUSD has consolidated recent gains on Tuesday and is hovering just below the most recent highs around 1.0750 in late US trade. Price action has strengthened a short-term bull theme and targets 1.0779 next, a Fibonacci retracement, ahead of Thursday’s ECB rate decision.
  • Bank of Japan minutes kick off Wednesday’s docket, followed by Chinese activity data. Later on Wednesday, US PPI, retail sales and empire state manufacturing index data will be in primary focus.
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