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Greenback Close To Unchanged, Consolidates Week’s Decline

FOREX
  • A brief bout of greenback strength on Friday was met by firm supply and the USD index looks set to close the day near to unchanged, consolidating ~1% losses this week.
  • Little news crossing the wires kept currency markets lacking momentum to end the week, as was broadly expected given the US Thanksgiving holiday.
  • The greenback was led higher by some overnight strength in USDJPY, which recovered the entirety of Thursday decline, closely matching the previous day highs around 139.60 before moderating into the close. Having traded through support this week, the focus now turns to 137.68, Nov 15 low and a bear trigger.
  • Elsewhere, CNH (-0.37%) marginally underperforms as the Chinese central bank signalled a cut to the RRR policy rate by 25bps. Given the move was largely as expected the Yuan’s price action remained largely contained.
  • Potentially below average holiday liquidity accentuated some currency moves in emerging markets, with the HUF recovering around 1% against the Euro and the Brazilian Real (-1.80%) coming under renewed pressure amid ongoing fiscal concerns and as markets await the President-elect’s pick for finance minister.
  • Another quiet start on the data front next week leaves central bank speakers in the spotlight. However, activity may pick up as we approach the latest US employment report scheduled for next Friday.
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