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G10 Currencies Hold Narrower Ranges, CHF Underperforms

FOREX
  • A more stable risk backdrop prompted a more contained session for currency markets on Thursday, which saw the USD index consolidate towards the week's highs, keeping hold of the 1% gains from last Friday's close. Very moderate adjustments in US yields have likely stalled the greenback’s momentum, amid a light data docket and the impending Fed speaker blackout period.
  • The Swiss Franc is underperforming as USDCHF continues to grind higher across 2024, extending a winning streak to six consecutive session. This follows the sharp depreciation late last year which prompted EURCHF to trade at the lowest level since January 2015. EURCHF has extended back above the 0.9400 mark, a previous break level that had stoked downside momentum in late December.
  • The slightly firmer equity markets sees AUD marginally outperform, although Australian jobs data may be restraining the recovery. December data showed a surprise decline in full time employment over the month, but the pullback to key support at 0.6526 in AUD/USD proved short-lived, with the pair recovering back to around 0.6560 where it remained for the majority of Thursday trade.
  • Japan will report national core CPI data overnight before both UK and Canada retail sales figures for December are published. In the US, UMich consumer sentiment and inflation expectations may garner some interest, as well as existing home sales data.
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