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Dollar Indices Consolidate Gains

FOREX
  • G10FX remains in fairly close proximity to the prior day's closes. Following Tuesday's strong dollar rally, gains have been consolidated with the DXY up 0.05%.
  • EURUSD continued its downward trajectory, breaking 1.18 and confirming bearish technical conditions for the pair and making a new low at 1.1782.
  • The clear break of 1.1808 confirms a resumption of the downtrend and maintains the current bearish price sequence of lower lows and lower highs. Price also fell through 1.1795, the Apr 6 low, potentially turning focus to key support at 1.1704, Mar 31 low.
  • Small dollar weakness was exhibited during European hours, however, risk-off mode resumed as the US sat down. This weighed heavily on the likes of GBP, AUD, NZD and CAD prompting close to 1% selloffs before recovering slightly heading into the minutes.
  • Small negative reaction in the dollar following the release of the minutes, unwinding some of the strength seen within the US session as members reiterated the standard of 'substantial further progress' was generally seen as not having yet been met.
  • Overall NZD (+0.33%) outperformed, following the bounce in equities, while weaker oil prices continued to weigh on NOK.
  • RBA Gov Lowe is due to speak early on Thursday morning. Later in the day, weekly jobless claims and crude oil inventories headline the docket.
Energy BulletsCommodities
Energy BulletsCommodities

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