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AUD Outperformance Extends, Narrows in on 200-dma

FOREX
  • The single currency remains weak, with EUR/USD retracing much of Wednesday's late bounce, re-circling key support at the YTD low printed this week at 1.1058. The pair remains a victim of monetary policy expectations, with the Fed policy arc for 2022 being re-priced at a faster rate relative to the Eurozone.
  • NOK continues to diverge from oil prices, with further strength in Brent crude futures failing to be reflected in the currency. NOK is the weakest in G10 so far, putting USD/NOK back above the 50-dma, but still well shy of the week's highs at 9.0391.
  • AUD continues the recent streak of outperformance, with AUD/USD narrowing in on key resistance at the 200-dma. 0.7326 marks the bull trigger, and progress through here opens 0.7331, the 61.8% retracement of the October - January downleg.
  • The ISM Services Index is the data highlight Thursday, with the weekly jobless claims also due. Central bank speakers include the second part of Powell's testimony in front of lawmakers, with BoC's Macklem also likely to take focus following the decision to raise rates yesterday.
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