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Dollar Index Extends To Fresh 2021 Highs

FOREX
  • The greenback extended past the March peak to fresh nine-month highs amid concerns over global growth that weighed heavily on risk and most other G10 currencies.
  • The additional slump in commodities prices placed commodity-tied currencies under particular pressure, with both AUD(-1.13%) and NZD (-0.89%) extending their recent downtrends.
  • Specific weakness in oil prices heavily affected the Norwegian Krone and Canadian dollar, the biggest laggards in G10 FX, both retreating well over 1% against the US dollar. USDCAD has taken out the July highs at 1.2807 and the next point of focus will be the year's highs residing at 1.2881.
  • GBP also performed poorly losing 0.8%, however EURUSD, while still below the 1.1704 breakout, held a more contained range as potential expiries at 1.1700 for the NY cut appeared to cap the price action. As such, EURGBP squeezed higher back above 0.85, rising half a percent.
  • Despite the demand for the US dollar, other haven currencies such as JPY and CHF held firm on Thursday and were the notable outperformers, broadly unchanged for the session.
  • Moves in emerging market currency indices were inversely correlated with the dollar index, however, there was notable underperformance in the South African Rand, sliding 1.75%.
  • Possible comments from RBA Assistant Governor Christopher Kent expected overnight, before UK retail sales and public sector borrowing data headline the European docket. Canadian retail sales data will close off the weekly data schedule with potential comments from Dallas Fed's Kaplan.
Energy BulletsCommodities
Energy BulletsCommodities

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