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USD Off Earlier Highs, Firmer HK/CHina Equities Helping

FOREX

The USD index is back tracking slightly lower, the BBDXY last near 1243.6. Earlier highs were at 1245.34.

  • An improved equity tone, mainly in HK and China at this stage, has helped, particularly the higher beta plays. This is helping to offset a generally positive US yield backdrop.
  • NZD/USD is still down for the session, but back to 0.6000 (earlier lows were at 0.5980). AUD/USD is also higher, last back near 0.6540. Data prints in both economies were fairly downbeat though.
  • Commodities are elevated for gold, while copper is higher. Iron ore remains soft though, last near $100/ton in terms of the active Singapore contract.
  • USD/JPY rallied to 151.54 earlier, supported by firmer US yields, but we are now back to 151.30/35, little changed for the session. Japan's Chief Cabinet Secretary issued a fresh FX warning, but the comments were in line with what the FinMin has said recently.
  • USD/CNH is also down slightly (back under 7.2500), while USD/CNY spot is slightly lower. This is likely weighing on the USD at the margins as well.
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