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USD Resilience Not Sustained

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Early USD resilience has given way to weakness. The BBDXY currently back sub 1237, -0.10/0.15% off NY closing levels. AUD has led the way, first boosted by positive data and then later rising commodity prices.

  • The AUD/USD currently sits above 0.6920, close to Tuesday highs, while on Monday we capped out around the 0.6950 level. We are 0.50% higher for the session. Better retail sales and CPI data boosted the AUD, but this didn't last, with little follow through response in the fixed income space. Iron ore above $120/ton and rising copper ($409 for CMX) have aided sentiment this afternoon, as optimism around firmer China demand remains a key theme.
  • A firmer tone to regional equities has also helped.
  • NZD/USD is next best at 0.6380/85, +0.20% for the session.
  • USD/JPY found selling interest above 132.50 and last tracks under 132.20, still lagging the broader USD move at the margins. Lower US cash Tsy yields likely helped cap gains in the pair.
  • EUR/USD is back to 1.0750, the pair not too far off recent highs around 1.0760.
  • Looking ahead, the data calendar is light ahead of tomorrow's US CPI print.
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Early USD resilience has given way to weakness. The BBDXY currently back sub 1237, -0.10/0.15% off NY closing levels. AUD has led the way, first boosted by positive data and then later rising commodity prices.

  • The AUD/USD currently sits above 0.6920, close to Tuesday highs, while on Monday we capped out around the 0.6950 level. We are 0.50% higher for the session. Better retail sales and CPI data boosted the AUD, but this didn't last, with little follow through response in the fixed income space. Iron ore above $120/ton and rising copper ($409 for CMX) have aided sentiment this afternoon, as optimism around firmer China demand remains a key theme.
  • A firmer tone to regional equities has also helped.
  • NZD/USD is next best at 0.6380/85, +0.20% for the session.
  • USD/JPY found selling interest above 132.50 and last tracks under 132.20, still lagging the broader USD move at the margins. Lower US cash Tsy yields likely helped cap gains in the pair.
  • EUR/USD is back to 1.0750, the pair not too far off recent highs around 1.0760.
  • Looking ahead, the data calendar is light ahead of tomorrow's US CPI print.