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EURUSD Grinding Back Towards 1.0595 Highs

FOREX
  • G10 FX markets have traded in subdued fashion on Thursday, respecting recent ranges. Traders appear keen to stay out of trouble before a potentially busy week with several central banks making their final decisions of the year next week.
  • As such, it was not surprising to see lacklustre trading volumes across DM currencies in the first half of Thursday’s session, with most major currencies seeing just ~20% of the daily average just ahead of the NY crossover.
  • Despite early modest greenback strength, the USD index now sits 0.25% lower approaching the APAC crossover, continuing to erase the week’s initial advance.
  • AUD, CAD, CHF, SEK and NOK are all posting half a percent gains, whereas JPY and CNH are both slightly lower for the session, underperforming the broader downtick for the dollar.
  • EURUSD (+0.45%) continues to edge back towards the recent highs, maintaining a bullish technical tone. Clearance of Monday’s high at 1.0595 would cancel any short-term reversal threat and resume the uptrend to open 1.0615, the Jun 27 high and 1.0668, a projection level.
  • Chinese CPI/PPI overnight before Friday’s US PPI and UMich sentiment data. However, as mentioned, all eyes on the US CPI report next Tuesday followed by a host of major central bank decisions next week including the ECB and the Fed.
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