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Dollar Weakness Extends, With DXY Approaching Key Support

FOREX
  • 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.
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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