USD On The Defensive T Start

Asia-Pac price action saw the BBDXY through yesterday’s low as the USD remained on the defensive.

• Upticks in most of the major global equity index futures would have provided headwinds for the greenback, which finds itself at the bottom of the G10 FX performance table as a result.
• UK labour market data has seemingly provided some incremental support for GBP on some of the headline data beats vs. estimates, although the ONS methodology tweaks make comparisons to previous releases somewhat difficult, and a deeper look at the internals points to a continued softening in the labour market.
• AUD outperforms given the general uptick in equities.
• Flash PMI data from across the globe presents the macro highlight on Tuesday. Elsewhere, regional Fed activity data will cross in NY hours.
• We also point to comments from RBA Governor Bullock (after most deemed last week’s RBA meeting minutes to be a little more hawkish than expected) and the latest ECB bank lending survey as additional points of interest.