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Dollar Dipping Into Year End

FOREX
  • The greenback trades generally softer headed into the final US trading session of the year, but the USD Index still looks to secure a 7% rally across 2021. This puts the greenback just behind the CAD as the best performers of the year - with JPY, SEK and the EUR at the other end of the table.
  • In intraday trade, CNH is one of the early standouts in the European morning, with USD/CNH lurching lower and through the 6.3660 support. Pair now trades at lowest levels since Dec9, and now sits around 0.4% above major support at the 2021 low at 6.3305.
  • EUR/CNH taking a similar step lower, edging through 7.20, but still holds above key support at 7.1509. Macro data out of China has been few and far between so far today, but markets possibly playing catch up with yesterday's moves in US equity space, which saw Chinese companies US-listed ADRs surge sharply. The NASDAQ Golden Dragon China Index rose over 9% (biggest daily rise for over a decade).
  • Data and macro events are few and far between Friday, with the early floor close in the US likely to crimp volumes and price action ahead of the close. Most European fixed income markets are also closed.
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