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Currencies Pick Up Where They Left Off

FOREX
  • Currency markets have picked up where they left off on Monday, with EUR/USD holding above the 1.07 handle well ahead of the NY crossover. Overnight developments have been muted, with the main development of the week remaining the USD's step lower on Monday as well as the bullish break for European equities posted ahead of the close.
  • A strong recovery extended Monday in EURUSD, confirming the end of the recentcorrective pullback. The bull trigger at the Dec 15 high at 1.0735, has been cleared and this confirms a resumption of the uptrend. The break higher maintains the bullish price sequence of higher highs and higher lows and note that MA studies are in a bull-mode position. The focus is on 1.0787, the May 30, 2022 high.
  • CNH sits slightly lower on an intraday basis, but USD/CNH managed a lower low during Asia-Pac hours. This put the pair at new multi-month lows of 6.7589. 6.7359 sits as next support, the Aug 15 2022 low.
  • Tier one data releases remain few and far between, keeping focus on central bank speak. The Riksbank hold a day-long conference on the topic of central bank independence, with Fed's Powell, BoE's Bailey, ECB's Schnabel, BoC'S Macklem and others all due to appear.
  • The relevance of their comments on near-term policy remains to be seen, with market focus still on Thursday's US CPI release and the incoming raft of US corporate earnings reports.
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