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CAD and NOK Boosted, USDJPY Holds Mid-August Lows

FOREX
  • A near three percent rally in crude futures lent support to both the Canadian dollar and the Norwegian Krone on Wednesday.
  • NOK remained buoyant throughout the entirety of Wednesday's trade with USDNOK (-0.85%) marking its lowest point since early July around 8.57.
  • USDCAD retreated just shy of 0.5%, reversing Tuesday's gains, however the selloff fell a way short of yesterday's low print at the 1.26 mark.
  • USDJPY (-0.25%) continued a downward trajectory during European hours, however found support at the mid-August lows, bouncing from 109.11 back to the 109.40 area. Technically, a bearish risk is still present and key support lies at 108.72, Aug 4 low where a break would strengthen a bearish case and open 108.47, a Fibonacci retracement.
  • Elsewhere, G10FX held narrow ranges with the dollar index just marginally softer on the day, down just 0.07%.
  • New Zealand Q2 GDP data will be followed by Australian August Employment figures overnight.
  • ECB President Lagarde is due to speak about the euro and the European economy at an online event where a Q+A is expected.
  • Thursday's US data docket will be headlined by August retail sales and September Philly Fed.
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