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Free AccessDollar Weakness Extends, With DXY Approaching Key Support
- The greenback trades softer early Thursday, slipping against most others and helping extend the rise in both EUR/USD and GBP/USD to fresh yearly highs as both pairs narrow in on key levels of resistance.
- This morning's move in the USD is an extension of the post-CPI move, with markets initially being primed for a hotter-than-expected figure given recent strength in various price measures in economic surveys. This has translated to the USD Index falling to new multi-month lows through the 95.00 handle, exposing first key support at the 100-dma of 94.65. The Index last broke below this level in April last year, and presaged a further 1.6% decline.
- Equities trade relatively horizontally, but growth-tied and proxy currencies continue to benefit, pushing AUD and NZD to the top end of the G10 pile ahead of the NY crossover. AUD/USD cleared the 100-dma of 0.7287 at today's open, opening gains toward 0.7341 (the 61.8% retracement of the October-November downleg) and - more importantly - the 200-dma at 0.7427.
- Thursday brings US PPI data as well as weekly jobless claims as well as speeches from ECB's de Guindos & Elderson as well as Fed's Barkin and Evans.
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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.