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USD Sell-Off Resumes, Fuelled by Solid Equity Gains

FOREX
  • USD weakness returning to FX markets through the London close, helping flatter EUR/USD, spot gold and equity markets in recent trade.
  • Spot gold and the e-mini S&P have been favoured on the move, with gold showing above last week's highs to print the best level since mid-April. AUD/USD's renewed strength has cleared key resistance at the mid-March high, and the move again highlights the positive momentum shift in recent weeks for AUD positioning, as the net short unwinds at a swift pace.
  • A break above 1.0869 in EUR/USD would put the pair at new daily highs - and strength persists despite a reluctance in US yields and Fed OIS pricing to revisit the post-inflation data lows. Around 48bps of cumulative rate cuts are priced for the Fed's December meeting, up from ~43bps at the start of Wednesday trade.
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