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FOREX: Weaker Equities Drive US$ Off Lows & Stronger Yen

FOREX
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The USD was weaker as Treasury yields fell with BBDXY falling to a low of 1300.63 but then recovering to finish up 0.1% driven by the US equity sell off, which also benefited the yen. 

  • USDJPY trended lower through the European/US sessions to be down 0.7% at 156.80 after a low of 156.67 earlier. Bullish conditions remain though with initial resistance at 158.08 and support at 155.89.
  • Commodity currencies were stronger against the greenback with CAD appreciating the most. USDCAD fell 0.4% to 1.4355.
  • Aussie and Kiwi also strengthened with AUDUSD up 0.1% to 0.6220 after reaching 0.6247, the bearish trend persists though, and NZDUSD slightly higher at 0.5638 off the intraday high of 0.5664. AUDNZD is flat at 1.1033 after falling to a low of 1.1008.
  • European FX underperformed with both the euro and pound down 0.2% against the US dollar at 1.0400 and 1.2548 respectively. NOK bucked the trend and was one of the stronger G10 performers helped by rising oil prices.
  • Equities were weak with the S&P down 1.1% and Euro stoxx -0.6%. Oil prices are higher with Brent up 0.4% to $74.10/bbl. Copper fell 0.8% and iron ore is stronger rising above $101/t.
  • Data today includes December South Korean CPI and China’s December PMIs.
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The USD was weaker as Treasury yields fell with BBDXY falling to a low of 1300.63 but then recovering to finish up 0.1% driven by the US equity sell off, which also benefited the yen. 

  • USDJPY trended lower through the European/US sessions to be down 0.7% at 156.80 after a low of 156.67 earlier. Bullish conditions remain though with initial resistance at 158.08 and support at 155.89.
  • Commodity currencies were stronger against the greenback with CAD appreciating the most. USDCAD fell 0.4% to 1.4355.
  • Aussie and Kiwi also strengthened with AUDUSD up 0.1% to 0.6220 after reaching 0.6247, the bearish trend persists though, and NZDUSD slightly higher at 0.5638 off the intraday high of 0.5664. AUDNZD is flat at 1.1033 after falling to a low of 1.1008.
  • European FX underperformed with both the euro and pound down 0.2% against the US dollar at 1.0400 and 1.2548 respectively. NOK bucked the trend and was one of the stronger G10 performers helped by rising oil prices.
  • Equities were weak with the S&P down 1.1% and Euro stoxx -0.6%. Oil prices are higher with Brent up 0.4% to $74.10/bbl. Copper fell 0.8% and iron ore is stronger rising above $101/t.
  • Data today includes December South Korean CPI and China’s December PMIs.