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G10 Ranges Contained Amid US Holiday, AUD Outperforms

FOREX
  • G10 FX traded within very narrow ranges throughout the US session on Monday with U.S. markets closed due to the observance of the Presidents Day holiday. The USD index remains close to unchanged levels approaching Tuesday’s APAC crossover after paring some moderate gains in Asia.
  • AUD remains the strongest performer major at the margins, rising ~0.5%, last printing at $0.6915 having slowly edged above the 0.6900 mark. Firmer Iron Ore and Copper are aiding the Aussie at the margins. AUD/NZD rose to a best level of 1.1088, the highest level for the pair since October last year with the RBA minutes first up on the Tuesday docket.
  • With the focus turning to tomorrow’s Eurozone flash PMI’s, EURUSD found supply above the 1.0700 handle and the pair continues to threaten a sustained break below the 50-day EMA, which intersects today around 1.0680. A clear break of this average would strengthen the bearish cycle and initially expose 1.0484, the Jan 6 low.
  • Another main data point on Tuesday will be the release of January CPI in Canada, where annual headline inflation is expected to dip to 6.1% Y/y. USDCAD looks set to snap a four day winning streak, however medium term parameters appear well established at 1.3705, the bull trigger and 1.3262, the 2023 lows.
  • German ZEW sentiment data and US PMI’s are also scheduled on Tuesday before the FOMC minutes release the following day.
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