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USD Stabilises Above Lows as US Yields Return to Mid-Range

FOREX
  • The greenback's inching off lows headed into the NY crossover as US yields return to the midpoint of yesterday's range. The US 10y yield now added 5bps off the overnight lows to touch 4.133% as US opens.
  • Muted spot ranges reflected in low volumes across G10 FX so far Wednesday: EUR futures activity ~30% below average for this time of day, after similarly quiet trade on Tuesday. More muted trade also reflected in quieter heading markets: The DTCC's tracking options notional of 60% of the rolling average, as particularly quiet USDCNY and EURUSD hedging drags on overall activity.
  • USD Index continues to trade on either side of the 100-dma - crossing at 104.298 and a levels that's proved influential this week.
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