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Firmer Risk Sentiment Dents Greenback, Boosts AUD, CAD & NZD

FOREX
  • While USDJPY reversed the entirety of its overnight losses to print fresh highs at 135.40, the move appeared to be Yen led, with the USD index retreating 0.2%. The index held a relatively narrow range all week, respecting the 1.04-1.05 parameters.
  • With an uptick in risk sentiment leading to much firmer major equity indices, the likes of Aussie, Kiwi and the Canadian Dollar were outperformers, rising between 0.55-0.75%.
  • Meanwhile, Scandi currencies inched higher, with the NOK among the best performers following yesterday's sizeable Norges Bank rate hike. Despite the NOK strength, EUR/NOK remains in a decent uptrend, with recent highs at 10.54 still well within range. Trend signals also hold bullish, with the 50-dma forming a golden cross formation at the beginning of last week.
  • In emerging markets, there was some late volatility for the Turkish Lira following Turkey’s banking regulator banning commercial lira loans to some corporate borrowers if their FX cash position exceeds a certain level relative to their assets or annual sales. USDTRY fell aggressively from around 17.35 all the way to 16.50 before paring some of the move approaching the close. The pair remains around 3.5% lower on Friday.
  • Monday sees a fairly light data calendar throughout Asia and European timezones. US durable goods and pending home sales data headlines the US docket.
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  • While USDJPY reversed the entirety of its overnight losses to print fresh highs at 135.40, the move appeared to be Yen led, with the USD index retreating 0.2%. The index held a relatively narrow range all week, respecting the 1.04-1.05 parameters.
  • With an uptick in risk sentiment leading to much firmer major equity indices, the likes of Aussie, Kiwi and the Canadian Dollar were outperformers, rising between 0.55-0.75%.
  • Meanwhile, Scandi currencies inched higher, with the NOK among the best performers following yesterday's sizeable Norges Bank rate hike. Despite the NOK strength, EUR/NOK remains in a decent uptrend, with recent highs at 10.54 still well within range. Trend signals also hold bullish, with the 50-dma forming a golden cross formation at the beginning of last week.
  • In emerging markets, there was some late volatility for the Turkish Lira following Turkey’s banking regulator banning commercial lira loans to some corporate borrowers if their FX cash position exceeds a certain level relative to their assets or annual sales. USDTRY fell aggressively from around 17.35 all the way to 16.50 before paring some of the move approaching the close. The pair remains around 3.5% lower on Friday.
  • Monday sees a fairly light data calendar throughout Asia and European timezones. US durable goods and pending home sales data headlines the US docket.