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Weaker US Data Prompts Broad Greenback Weakness

FOREX
  • Weaker-than-expected US JOLTS and confidence data prompted some sharp greenback weakness on Tuesday, quickly erasing the early gains for the US dollar and prompting eventual 0.5% losses for the USD index on the session.
  • Lower core yields have bolstered the Japanese Yen, with USDJPY extending a powerful reversal from earlier cycle highs of 147.37 to 145.77 lows just ahead of the APAC crossover. The pair is now down 0.50% on the session and the first support to watch lies at 144.77, the 20-day EMA.
  • EURUSD is moving in lockstep with the broader USD index, also rising a half a percent and approaching last Thursday’s highs around 1.0875 and initial firm resistance at 1.0900, the 20-day EMA.
  • Outperforming on the session are the antipodeans with both AUD (+0.67%) and NZD (+0.81%) benefitting from buoyant global equity benchmarks. JPMorgan noted that “this looks to be very much the benign sort of labor market cooling that Fed is targeting”, potentially underpinning the more optimistic price action for stocks on Tuesday.
  • Despite Hungary's central bank cutting the overnight deposit rate again by 100bps, the Forint is the best performer on Tuesday, rising 1.2% against the dollar, amid the broader optimism for risk sentiment.
  • Australia CPI will highlight the overnight data docket on Wednesday, before Eurozone inflation readings come thick and fast. The greenback and broader currency markets will remain focused on the key data releases due later this week - NFP, Core PCE and ISM.
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