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USD Loses Further Ground Amid Firmer Equities Lower UST Yields

FOREX

The USD couldn't sustain an early positive impetus, with yen gains ahead of the Tokyo fix helping turn broader sentiment around. Equity gains for most major bourses has also reduced USD appeal, along with lower US cash Tsys across the curve. The BBDXY is now sitting at the 1259.50 level, against earlier highs of 1263.30, a 0.30% turnaround. The index is comfortably back below its simple 200-day MA (1268.71).

  • USD/JPY fell below 136.00 before finding some support. The pair was last around 136.05, still -0.45% down for the session.
  • NZD/USD has also risen, back above 0.6400 (+0.45%) and slightly outperforming the AUD. Economic data showed manufacturing activity rebounded in Q3, although card spending figures were mixed.
  • AUD/USD has struggled to build a base above 0.6800, last just under 0.6790 (+0.30%). Iron ore has continued to climb, last around the $110.60 level. Optimism around the China property sector outlook is aided commodities and broader risk appetite today in the equity space.
  • Gains for other majors are more modest, but the trend is still clear. EUR/USD is back to 1.0580, while GBP/USD is at 1.2260 last.
  • Looking ahead, the main focus will be on UK inflation expectations, while in the US, PPI and U. of Mich sentiment figures are due.
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