Free Trial

GBP Leads Bounce to Drag DXY Off Cycle High

FOREX
  • The greenback traded solidly across Asian hours, helping the USD Index print a fresh YTD high for a third consecutive session. Markets have moderated since, with the bounce led by the beleaguered GBP, which has snapped a four session losing streak ahead of Friday's NY crossover.
  • SEK is the poorest performing currency so far, helping EUR/SEK climb toward the highest levels of the week, prompting a test of the 76.4% retracement level at 8.7516.
  • USD/CHF has quietly printed a new weekly this morning at 0.9231, with CHF continuing to trade poorly against most others. A recovery and close above 0.9229 opens gains toward 0.9262, the 61.8% retracement of the October-November downtick.
  • Prelim UMich sentiment numbers take focus Friday, with markets expecting an improvement in the expectations component, but weakness in current conditions. ECB's Lane, BoE's Haskel and Fed's Williams are all due to speak.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.