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USD losing further shine

USD

The USD is starting the week on the backfoot, the DXY is back sub 103.00, tracking towards last week's lows around 102.65/70.

  • Last week saw a decent pull back in the yield differential for the USD against other core markets. The first chart below plots the DXY versus the unweighted 2yr yield differential with the G3 markets. The spread fell by 16bps last week, which is the largest weekly drop since the early 2020 period.
  • US yields were relatively steady, with much of the waning yield differential reflecting higher EU and UK yields.

Fig 1: DXY & US Yield Differential

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The USD is starting the week on the backfoot, the DXY is back sub 103.00, tracking towards last week's lows around 102.65/70.

  • Last week saw a decent pull back in the yield differential for the USD against other core markets. The first chart below plots the DXY versus the unweighted 2yr yield differential with the G3 markets. The spread fell by 16bps last week, which is the largest weekly drop since the early 2020 period.
  • US yields were relatively steady, with much of the waning yield differential reflecting higher EU and UK yields.

Fig 1: DXY & US Yield Differential

Keep reading...Show less