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USD Weakness Persists, EUR/USD Close To April 2022 Highs

FOREX

USD sentiment has continued to soften. The BBDXY now off close to 0.25%, last under 1222. High beta plays, NZD, NOK and AUD are the leaders, although USD losses are fairly uniform. Cross asset signals remain muted, although US cash Tsy yields are drifting a little lower (-0.4/-1.2bps lower), which is not helping USD sentiment at the margin. US equity futures are still in the red, but away from worst levels.

  • USD/JPY is weaker, back sub 129.20, -0.3% versus Friday closing levels. This comes even as the mentioned weakness in US yields is arguably being led by JGB moves.
  • AUD/USD has 0.7000 in sight once again, last around 0.6990/95, with commodity price trends mixed. NZD/USD continues to outperform and is closer to 0.6500, +0.70% for the session. The AUD/NZD cross is not too far off lows from last week (1.0735/40), last close to 1.0765.
  • NOK is 0.55% firmer, last near 9.8200, while EUR/USD is threatening a break above 1.0900, fresh highs back to April last year. The pair has pushed through highs from last Wednesday.
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