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Free AccessDollar Index Set For Highest Weekly Close Since November 2020
- Broad dollar indices traded in a narrow range on Friday, posting a small loss as a recovery in equity indices stalled the strong dollar rally on the week.
- The Dollar index (DXY) will close at its best weekly level since November 2020 amid concerns over global growth and rising geopolitical risks that weighed heavily on sentiment and saw commodity prices slump and investors flock to haven currencies.
- Without any significant data/event risk, Friday acted as a consolidation day for most G10 currencies. However, with EURUSD edging back towards 1.17, euro crosses saw some further support with EURAUD and EURNZD rising around 0.3%.
- USDCAD had a notable spike above the year's best levels, printing fresh highs at 1.2949, before falling a big figure throughout the US session to close around 1.2850. The break of 1.2807 earlier in the week confirmed the resumption of the uptrend and today's rally fell just short of 1.2957, the high from Dec 21, 2020 and a Fibonacci projection at 1.2976. These levels remain firm short-term resistance.
- In emerging markets, further weakness in the South African rand (down 1%) was trumped by a 1.4% move lower in the Mexican peso. The deterioration in technical conditions for the peso has seen solid follow through on the break above 20.25 in USDMXN.
- Flash PMIs will kick off next week's data calendar before markets will eagerly anticipate Fed's Jerome Powell at the Jackson Hole Symposium later in the week. On Friday, markets will also receive US Core PCE price data.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.