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Dollar Gradually Reverses Post FOMC-Minutes Strength

FOREX
  • A subdued session saw a consistent offered tone for the greenback. The US dollar gradually gave up all the gains made following the release of the FOMC minutes on Wednesday, with minor US data in the form of Philly Fed and Initial Jobless claims unable to spark any movement in FX markets.
  • The Swiss franc and the Canadian dollar were the biggest beneficiaries on Thursday, advancing roughly 0.6%.
  • Strength in US equities and a stabilisation of the cryptocurrency space left risk on a firmer footing. Most other G10 currencies strengthened roughly 0.4% in line with dollar index losses. CNH underperformed, rising just 0.08%. Emerging Market FX was also buoyant, with ZAR, TRY, RUB and MXN all in the green.
  • USDCAD traded back to 1.2050, hovering roughly 40 pips above the most recent lows at 1.2013, representing the lowest levels since mid-2015. The immediate recovery for the Canadian dollar after a 1% squeeze in USDCAD enhances the likelihood of the bearish theme continuing. Markets will eye the weekly close below 1.2062, an important pivot chart point that either marks the base of a broad range or the midpoint of a double top reversal pattern.
  • Attention turns to global flash PMI releases on Friday, as well as retail sales figures for Australia, the UK and Canada.
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