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Greenback Consolidates Solid Gains To Start New Year

FOREX
  • Despite a firm start for major equity index futures and the EuroStoxx50 topping its mid-December resistance, the greenback was the strongest currency across G10 in early trade on Tuesday. The USD index has since consolidated these gains amid renewed equity weakness and looks set to post a 1% advance to start the year.
  • Despite a strong wave of JPY buying in APAC trade, which saw USDJPY slip to near seven-month lows of 129.52, the subsequent greenback strength has seen EUR, CHF AUD and NZD leading the weakness in G10.
  • Weaker than expected German CPI data was the key contributor to the single currency weakness ahead of key Eurozone releases later this week. EURUSD has traded sharply lower and in the process has breached support at the 20-day EMA at 1.0587 and briefly traded below 1.0528, the Dec 13 low. Continued weakness may expose a key short-term support at 1.0443, the Dec 7 low.
  • AUD/USD had breached the Dec29 low to near the 50-dma of 0.6662. Weakness through the moving average would open 0.6629 and levels not seen since mid-November. Similarly, NZD/USD did trade through the 200-dma of 0.6232 with the focus on first support at 0.6156.
  • On Wednesday the ISM Manufacturing PMI and JOLTS job openings are main data points before the release of the FOMC December meeting minutes. Focus then quickly turns to Friday’s US employment report.
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