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Dollar Pulls Back for Second Session

FOREX
  • The greenback is among the poorest performers in G10 Wednesday, slipping for a second session and putting the USD Index through the 98.00 handle to touch levels not seen since March 17th.
  • The JPY is the strongest performer, extending the bounce off the multi-year cycle lows printed earlier in the week. This puts USD/JPY solidly back below the Y122.00 handle. The move is considered corrective and is beginning to allow a recent extreme overbought condition to unwind. An extension lower would open 120.95, the Mar 24 low ahead of the 120.00 handle. Key resistance and the bull trigger has been defined at 125.09.
  • Equities across Europe and futures in the US are modestly lower, indicating a negative open on Wall Street later today. Nonetheless, any reports of further progress made between Kyiv and Moscow could continue to support underlying sentiment, with yesterday's 4631.00 print the highest level seen since mid-January.
  • ADP Employment Change data crosses later today, with markets expecting the survey to show job gains of 450k, which will be followed shortly afterward by the final revision for Q4 2021 GDP data. The speaker slate should be of more interest, with ECB's Wunsch, Makhlouf and Panetta on the docket as well as Fed's Barkin and George.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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