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USD Marginally Lower, Positive Equities & Lower US Yields Weighing At The Margin

FOREX

The USD index sits lower, last at 1242.75, off nearly 0.1% for the session. Higher beta plays are outperforming at the margin. AUD, NZD are up close to 0.15%.

  • Cross asset trends are weighing on the USD, albeit marginally. Most regional equity markets are higher, although mainland China and Japan are lagging. US equity futures sit higher at this stage, by close to 0.15%.
  • US yields remain lower, with the back end off by more than 1bps, unwinding part of Monday's gains. This appears flow driven, rather than any fresh macro catalyst though.
  • The CNY fixing was also once again stronger, but this is imparting less positive spill over effects compared to yesterday. Limited downside in onshore USD/CNY spot has been evident likely curtailing broader USD softness.
  • AUD/USD was last near 0.6550, just off session highs at 0.6555. NZD/USD was around 0.6010. USD/JPY is down modestly, last near 151.30/35.
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