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Free AccessEURUSD Through Support As Greenback Surges, AUD and NZD Sink
- The dollar index surged to fresh 18-month highs as the January FOMC meeting shifted the 2022 US tightening outlook in a much more hawkish direction. The DXY was helped by EURUSD clearing significant support at 1.1185.
- By confirming the resumption of the broader downtrend that started on Jan 6, 2021 weakness has extended to within close proximity of the first support at 1.1128, a Fibonacci projection. EURUSD remains in a bear channel of which the base lies at 1.1031 today. The channel is drawn from the Jun 1 2021 high.
- With risk continuing to look shaky and equities falling significantly from their intra-day highs, Aussie and Kiwi remained under constant pressure throughout the session and are the clear G10 underperformers.
- AUDUSD (-1.22%) looks particularly susceptible to further greenback appreciation as it narrows the gap with the key support at 0.6993/91, the Dec 3 and Nov 2, 2020 lows. Moving average conditions remain in bear mode, highlighting the current sentiment.
- Elsewhere, losses against the US Dollar were broad, with JPY, GBP, CAD, CHF and CNH all under pressure. Interestingly, emerging market currency indices proved resilient, however, there may have been a disproportionate impact from a 2% recovery in the Russian Ruble with a slight easing of the high geopolitical tensions.
- The most notable data on Friday is US Core PCE Price Index, with UMich sentiment data also on the docket to round off a busy week.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.