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GBP, AUD and NZD Give Up US CPI Inspired Gains

FOREX
  • Broad dollar indices are trading around 0.15% higher on Thursday as US yields reversed yesterday's move lower.
  • G10 movers were concentrated in Antipodean FX and Sterling, all retreating over 0.5% and given back the entirety of yesterday's advance.
  • EURUSD and USDJPY lacked inspiration both trading in incredibly narrow 20-pip ranges. EURUSD's lack of traction higher leaves the 1.1704-06 key support vulnerable in the short-term.
  • EURGBP had a notable move back to the 0.85 level, that had marked previous support for the pair before the move down to 0.8450, representing the lowest level since February last year. Moving average studies remain in a bear mode highlighting a downside theme.
  • For cable, the pair remains below the 50-day EMA at 1.3886, the key upside level. Support undercuts at the Jul 27 low of 1.3767. Should this give way, the outlook deteriorates, opening scope toward the bear trigger of 1.3572.
  • Friday's docket is doubtful to trigger any significant currency volatility, with University of Michigan Sentiment data unlikely to move the dial. Attention will likely turn towards next week's US retail sales report as well as the latest set of FOMC minutes on Wednesday.
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