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USD Staying On The Front Foot Post Powell Interview

FOREX

USD trends are still skewed towards gains. The BBDXY last around 1242.60, +0.20% higher for the session. Yen weakness is evident, while AUD and NZD remain down, albeit up from session lows.

  • Fed Chair Powell's interview with 60 Minutes in the US has aired. They look to be fairly consistent with what the Fed Chair said mid last week. They want to see more evidence of inflation coming down and that March is not the base case or likely in terms of kicking off the easing cycle.
  • US Tsy futures saw a dip as Powell headlines cross, before steadying. We have seen turned back lower to hit fresh session lows. US equity futures remain modestly in the red.
  • AUD/USD sits under 0.6500 but up from earlier lows (0.6488). NZD/USD was last near 0.6055 (also up from earlier lows 0.6050). We have AU data coming up in terms of the Dec trade balance, and ANZ job ads.
  • We had positive PMI revisions and lower inflation expectations earlier, but they haven't impact sentiment.
  • USD/JPY is climbing higher to fresh highs above 148.70. The skew of firmer US yields likely a factor. Yen losses of 0.2% remain in line with the A$ dip though.
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