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USD Lower

FOREX

The USD is drifting a little lower, against both the majors and in the Asian FX space. There is no clear catalyst driving the move. US equity futures are edging up (+0.40% to +0.50%) and close to session highs. This has helped higher beta plays in the FX space at the margin. AUD/USD is through 0.6870 (+0.30% on NY closing levels), while 1 month USD/KRW is back to a 1345 handle, also -0.30% on previous closing levels.

  • EUR/USD is at 1.0025, but below session highs of around 1.0035. USD/JPY has dipped but isn't moving much beyond 138.50 level.
  • USD/CNH got back close to yesterday's lows under 6.9040/50, but we are now back to 6.9080. The CNY fixing was once again much stronger relative to expectations, while the PMI prints posted slight upside surprises.

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