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FOREX: EUR/USD Testing 50-day EMA Resistance, EU Equity Futures Up Firmly

FOREX
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The USD has lost ground as the Thursday Asia Pac session has unfolded. The BBDXY index sits around 0.25% lower, last back under 1298. The EU bloc of currencies are outperforming at the margins, with hopes of an end or progress towards ending the Ukraine conflict a positive for sentiment. 

  • The BBDXY index is back close to the 50-day EMA. Dips sub this support level have held since late Jan.
  • EU equities are firmer, the Euro Stoxx up close to 1% at this stage, just off session best levels. US yields have also ticked lower, led by the front end, with the 2yr off 2bps to 4.335%. This is likely weighing on broader USD sentiment.
  • Regional equity market sentiment is mostly positive except for China markets. US tech futures are up close to 0.50%.
  • SEK is the best performing currency, albeit in lighter liquidity conditions. We are up 0.70%, leaving USD/SEK down with a 10.81 handle in latest dealings. This is back to levels last seen in early Nov last year.
  • EUR/USD is above 1.0430 and challenging a break above the 50-day EMA (near 1.0425). EUR is up 0.50% so far today. NOK is up 0.45%, last near 11.2175.
  • AUD and NZD are ticking higher,  both up close to 0.30%, but lagging these broader EU related FX moves. AUD/USD still hasn't recaptured the 0.6300 handle though.
  • Yen is a notable laggard compared to these broader USD losses. USD/JPY was last near 154.35/40, little changed for the session. EUR/JPY is up over 161.00.
  • Looking ahead, the Fed’s Goolsbee appears and US January PPI and jobless claims print as well as UK December IP, trade, construction and preliminary Q4 GDP, and euro area December IP and EC forecasts. The ECB’s Cipollone also speaks.
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The USD has lost ground as the Thursday Asia Pac session has unfolded. The BBDXY index sits around 0.25% lower, last back under 1298. The EU bloc of currencies are outperforming at the margins, with hopes of an end or progress towards ending the Ukraine conflict a positive for sentiment. 

  • The BBDXY index is back close to the 50-day EMA. Dips sub this support level have held since late Jan.
  • EU equities are firmer, the Euro Stoxx up close to 1% at this stage, just off session best levels. US yields have also ticked lower, led by the front end, with the 2yr off 2bps to 4.335%. This is likely weighing on broader USD sentiment.
  • Regional equity market sentiment is mostly positive except for China markets. US tech futures are up close to 0.50%.
  • SEK is the best performing currency, albeit in lighter liquidity conditions. We are up 0.70%, leaving USD/SEK down with a 10.81 handle in latest dealings. This is back to levels last seen in early Nov last year.
  • EUR/USD is above 1.0430 and challenging a break above the 50-day EMA (near 1.0425). EUR is up 0.50% so far today. NOK is up 0.45%, last near 11.2175.
  • AUD and NZD are ticking higher,  both up close to 0.30%, but lagging these broader EU related FX moves. AUD/USD still hasn't recaptured the 0.6300 handle though.
  • Yen is a notable laggard compared to these broader USD losses. USD/JPY was last near 154.35/40, little changed for the session. EUR/JPY is up over 161.00.
  • Looking ahead, the Fed’s Goolsbee appears and US January PPI and jobless claims print as well as UK December IP, trade, construction and preliminary Q4 GDP, and euro area December IP and EC forecasts. The ECB’s Cipollone also speaks.