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Free AccessDXY Decline Hits Reverse, Steers Clear of 100-DMA Support
- Following several sessions of weakness, the USD Index reversed course of Friday, recovering after a major test of the 100-dma support. The greenback was among the best performers Friday, second only to the JPY, that benefited from a second session of declines for Wall Street equity markets.
- The greenback recovery was most prominent against some of the week's best performers, including the AUD, which retraced back to $0.72 just after the London close. This raises attention on the false break higher earlier in the week that saw prices climb north - but not close above - the 100-dma of 0.7286. Further weakness could see the pair retest the 2022 lows of 0.7130.
- Similarly EUR/JPY posted the largest range of the year so far - putting EUR/JPY through the 100-dma support of 130.02, opening further losses toward the 50-dma at 129.49 - which coincides with the 50% retracement for the Dec-Jan upleg.
- A US holiday on Monday should keep price action muted at the beginning of the week, with focus turning to Chinese GDP data, the BoJ rate decision, UK inflation and the continuation of Q1 earnings season for US corporates.
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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.