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Equity Markets Stabilisation Weighs On Greenback, Boosts Other Major FX

FOREX
  • Following the extension of Thursday’s late rebound on Wall Street, the greenback was on the backfoot approaching the close. Despite the dollar index making a fresh 19-month high this week amid the geopolitical circumstances, the DXY has slowly been edging away from these lofty levels as risk sentiment stabilises. The index remains around 0.7% higher for the week.
  • Indeed, currency market sentiment is more favourable for Friday, helping the likes of AUD (+0.77%), NZD (+0.66) and CAD (+0.62%) towards the top of the G10 leaderboard.
  • EURUSD also traded on a much more surer footing, edging further away from yesterday’s low print of 1.1106, rising back above 1.1250. Bearish technical developments this week defines a firm short-term resistance at 1.1280, the Feb 14 low.
  • In similar vein, emerging market currencies bounced back with USDRUB seen 2.65% lower and in turn TRY, ZAR and MXN all posting near 1% gains on Friday.
  • Outside of geopolitical risk, month-end flows had little impact on Friday, with most models pointing toward a USD-buying bias headed into Monday’s fix.
  • Monday’s docket is kickstarted with Japanese and Aussie retail sales data before the US session is highlights by the MNI Chicago Business Barometer.
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