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USD Supported On Dips, A$ To Fresh Lows On Lower Metal Prices

FOREX

The USD has been supported on dips during the session. The BBDXY sits around 0.1% higher, last at 1238.50. Equity sentiment has mostly been risk off, with US futures around 0.20-+0.25% lower, while regional equity markets (ex Japan) are down.

  • US yields were higher in early trade, but are now back around flat.
  • China Q4 GDP and Dec activity data was mixed. Lower crude steel output has weighed on iron ore prices, the Singapore benchmark contract, back to sub $127/ton, down nearly 2%. Copper is also weaker, off 0.40% for CMX.
  • AUD/USD is off 0.20%, last near 0.6570, close to session lows. Lows from close to mid Dec last year around the 0.6540 region aren't too far away.
  • NZD/USD has slipped back to 0.6130, marginally outperforming the AUD.
  • USD/JPY got close to 147.50 in early trade, as yields firmed. Dips back to the low 147.00 region were supported though, we sit back at 147.30/35 in latest dealings.
  • Looking ahead, focus will be on UK inflation data for December before the US reports December retail sales figures.
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