[MARKET ANALYSIS] DXY steadies following Monday's selloff as investors seek safety
The DXY's stabilization above 99.00 signals investor caution amidst resurfacing trade tensions, reinforcing a flight to safety.
US President Trump is to deliver a special address at Davos at 13:30GMT / 08:30EST on Wednesday 21st
PRE-MARKET INDIAN STOCK NEWS
[MARKET ANALYSIS] DXY steadies following Monday's selloff as investors seek safety
China's NDRC Official Wang says China is to step up regulation on industrial capacity
China said they hit its US soy purchase target of 12mln tonnes, Bloomberg reports citing traders
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- DXY continues to hover above 99.00 but off last week’s peak of 99.479 as investors move into havens amid re-emerging trade tensions.
- EUR/USD pulled back slightly, following Monday’s bid, to a trough of 1.1633 before rebounding and returning just shy of Monday’s high of 1.1649.
- GBP/USD oscillates around the U/C mark but comfortably holds above 1.34 ahead of key UK employment data.
- USD/JPY trades choppy around the 158 handle despite the absence of news amid a continued rise in JGB yields.
- Antipodeans outperform their G7 counterparts, especially the Kiwi (+0.3%), despite no clear driver.
- USD/CNH briefly strengthened to a trough of 6.9522 as the PBoC sets USD/CNY mid-point at 7.0006 vs exp. 6.9576 (prev. 7.0064).
While the euro and pound show fluctuations against the dollar, key movements in USD/CNH suggest central bank intervention is influencing the CNY's value. This scenario implies heightened volatility in FX pairs as traders navigate global risk sentiment and focus on upcoming economic indicators, particularly from the UK.
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