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USD Softer, Equities Finding Some Support

CROSS ASSET

The USD has weakened, although there is no clear/obvious headline driver. Gains against the USD are broad based. AUD/USD has popped up to 0.6975, around 0.30% above NY closing levels. AUD/JPY is back above 95.00, slightly higher for the session. EUR/USD is above 1.0240, USD/JPY at 136.35, both 0.2% firmer against the USD. NOK is up 0.4%.

  • Equities have found a bit of base, aiding risk appetite. US futures are moving away from worst levels, now off -0.30/0.4%, from -0.50% earlier. Regional equities are tracking higher, for the Kospi and Australian shares, while Japan equities have shed losses.
  • US yields are down slightly, 1bps for the 2yr, 1.5bps for the 10yr in the cash space. Commodities are tracking higher in line with the USD moves, Brent crude close to $106/bbl. Gold is back above $1725, +0.35% for the session.
  • The CNY fix was slightly firmer than expected, with USD/CNH dipping sub 6.7500, but remaining above overnight lows under 6.7450.
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