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Focus is on the ECB

FOREX
  • The Dollar leans in the red across the majors this morning, with the Kiwi and the Aussie the early best performer overnight with the Aussie helped by the employment data.
  • Going into the US session, the Dollar is still down, but has pared some of its weakness, now closer to flat against the GBP, EUR, NZD, CHF, SEK, NOK and JPY.
  • EURUSD stays in that 7 sessions range of 1.0686/1.0769, as market participants await the ECB.
  • As previously noted, given the lack of risk events and data, large options expiry may have played a role in keeping the pair within ranges.
  • Initial technical, resistance/support will be at that range.
  • Best performer against the Greenback, over a 5 day period is the CAD, up 1.05% buoyed by the latest Employment data last week, and has overtaken the Kiwi and the Aussie as the best performer against the USD in G10 today, albeit by just 0.15%.
  • Main focus is now on the ECB decision, with calls for a hike or Unchanged rate decision completely split.
  • On the data front, sees US PPI/Retail sales.
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