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USD Weaker for Second Session, Prompting Break of Major Levels

FOREX
  • The USD is weaker for a second session, prompting the USD Index to step lower and through the 200-dma for the first time since December last year. The moves are helping prop up currency activity across the board, with JPY a particular focal point - futures volumes are not far off double their usual level for this time of day.
  • JPY is comfortably the best performer, helping EUR/JPY ease through Friday's lows and extend the pullback off last week's highs to over 220 pips. AUD, NZD are also outperforming, with AUD/USD strength resulting in a clear break of resistance at 0.6522, the Aug 30 and Sep 1 high. The breach is an important short-term bullish development and signals scope for a continuation higher towards 0.6582.
  • Equity markets are trading well headed through to the Monday open, with the e-mini S&P within range of Friday's highs and helping underpin the bid in high beta currencies. As such, NOK is slightly firmer and helping aide EUR/NOK toward first support of 11.6892.
  • The data calendar is muted Monday, keeping focus on the risk events later in the week as the Thanksgiving break later in the week brings forward a number of risk events: Tuesday sees Canadian CPI & Fed minutes, while Wednesday sees UMich sentiment and weekly jobless claims.
  • As such, focus will be on the speaker slate Monday, as ECB's de Cos & Villeroy, Fed's Barkin and BoE's Bailey are all set to speak.
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