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Equity Indices Boost Antipodean FX, EUR Underperforms

FOREX
  • Equity markets traded in more optimistic fashion on Friday, lending support to the likes of AUD and NZD. Additionally, there was more supportive price action for the Chinese Yuan with USDCNH retreating around 0.65% and negating Thursday’s advance.
  • AUDUSD maintains a firmer short-term tone. The resumption of gains saw the pair rise to just below the 50-day EMA, at 0.7169 today. This average marks an important resistance and a clear break is required to further strengthen bullish conditions.
  • Euro was the key laggard on to end the week, sitting marginally in the red after faltering from the overnight peak at 1.0765. Decent two-way price action in EURUSD throughout the session with some notable selling ahead of the WMR fix, potentially related to month-end. The boost in equities kept Eur/crosses on the backfoot.
  • Pressure on the Euro kept the USD index from losing ground and remains unchanged for Friday. This week’s greenback weakness has seen the DXY narrowing in on the key 50-dma support, intersecting at 101.32
  • Monday will focus on state-level German preliminary CPI figures during the European session before the Eurozone HICP flash estimate is released on Tuesday. US ISM Manufacturing PMI and NFP are the highlights of next week’s data calendar. The Bank of Canada decision is due Wednesday.
  • It is worth noting Monday marks Memorial Day holiday in the US. Additionally, there will be UK bank holidays on Thursday and Friday for the Queen’s Jubilee.
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