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Broad Based USD Strength Moderates In Late US Trade

FOREX
  • The greenback made uniform gains across G10 Thursday, with the USD Index falling just shy of the Tuesday high in the early part of the NY session. However, a late bounce in equity markets helped moderate the greenback’s advance approaching the APAC crossover.
  • While the timing does not exactly match with the immediate reaction across currency markets, USD optimism may have waned due to the November Philadelphia Fed manufacturing index coming in at -19.4 vs. Exp. -6.0, the lowest reading since the depths of pandemic lockdowns.
  • Despite the trimming of gains, the greenback’s advance has been broad based on Thursday, with all G10’s in the red versus the dollar.
  • A slightly larger move has been seen in AUD (-0.83%), brushing off a firmer employment report with a one percent decline in the Bloomberg commodity index likely weighing. This narrows the gap with initial AUDUSD support, which resides at 0.6578, the Nov 11 low.
  • Concerns regarding crude demand from China came to the forefront, as Covid cases continue to rise, reducing the hope of any further near-term easing of restrictions. While oil futures recorded a one-month low, weakness was also seen in the Chinese Yuan, extending the bounce in USDCNH to roughly 2% from the week’s lows.
  • UK retail sales and US existing home sales are the data points of note on Friday. Potential comments from ECB President Christine Lagarde, due to speak at the European Banking Congress in Frankfurt.
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