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FX Majors Exhibit Narrow Ranges Despite Weakness In Equities/Ruble

FOREX
  • The US dollar index is around 0.20% firmer as renewed weakness in equity indices has seen haven-tied FX be supported. With that said, major currency pairs are largely taking a back seat to the broader moves in global markets.
  • EURUSD has traded on the backfoot, in line with the stronger dollar, however, still remains above the 1.1300 mark and has struggled to gather any momentum to the downside. Similarly, USDJPY has remained pegged to the 115.00 level, clocking just a 27-pip range on Wednesday.
  • Slightly more in play with the risk-off dynamics has been the Swiss Franc, rising just over 0.5% against the Euro, outshone only by NZD which has retained a good portion of the RBNZ induced gains earlier on Wednesday.
  • Naturally, the pain has been most evident in the Russian Ruble, declining 2.95% as of writing. USDRUB has extended above the November 2020 highs north of the 81.00 mark.
  • Gains this week have resulted in a break of resistance at 80.4155, Jan 26 high. This confirmed a resumption of the underlying uptrend and signals scope for a climb towards 81.5675 and 82.3602, the 2.00 and 2.236 projection of the Feb 10 - 11 - 16 price swing.
  • BoE Governor Bailey is due to deliver pre-recorded opening remarks at the BOE's First Annual BEAR Conference tomorrow at 1315GMT/0815ET. The US data docket is headlined by the second reading of Q4 US GDP. Also, potential comments from Fed’s Mester due to speak about economic outlook and monetary policy at an online event hosted by the University of Delaware. Q&A is expected.
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