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DXY Set To Extend Winning Streak To Seven Days, Breaches 100

FOREX
  • The greenback has edged slightly higher (DXY +0.12%) on Friday and looks set to extend its winning streak to seven consecutive trading sessions, breaking 100 for the first time since May 2020. Despite this, G10 currency ranges remained narrow and price action once again subdued amid a light data calendar.
  • Following on from prior sessions, the likes of AUD, NZD extended their short-term downward bias and are bottom of the G10 pile to finish the week, matched closely by a weaker GBP.
  • USDCAD bucked the trend following a solid labour report, which keeps the probability of a 50bp hike high. With employment gains centred on full-time jobs and the unemployment rate fell a tenth more than expected to new lows of 5.3%, the Canadian dollar rose a tenth of a percent in the face of the firmer US dollar.
  • 2.5% gains for crude futures also underpinned strength in the Norwegian Krona, rising around 1.25% on Friday.
  • EURUSD remains close to unchanged despite printing fresh lows for the week at 1.0837. However, the single currency was well supported off the lows following a Bloomberg sources story saying that the ECB "is working on a crisis tool to deploy in the event of a blowout in the bond yields of weaker euro-zone economies". EURUSD bounced back towards 1.0880 before running out of steam ahead of the weekend close.
  • USDJPY also caught a strong bid off the overnight 123.67 lows to trade as high as 124.68 in early NY trade. On the upside, clearance of 125.09, the Mar 28 high and bull trigger, is required to confirm a resumption of the primary uptrend.
  • The focus over the weekend will be on the results of the French Presidential Election before Chinese CPI and PPI data kicks off the shortened pre-Easter holiday week.
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