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Greenback Continues To Consolidate Ahead Of Inflation Data

FOREX
  • G10 currencies held narrow ranges on Tuesday amid a very light data calendar and markets remaining calm ahead of US inflation data on Thursday.
  • The US dollar index is 0.2% higher for the day, however, the index remains broadly unchanged from the start of European trade. Continuing to edge off the recent lows, the DXY looks to be consolidating after last week’s consistent selling pressure.
  • Underperformers of note are CAD (-0.39%), JPY (-0.36%) and NOK -0.7%), whereas the Australian dollar managed to post a win as EURAUD continued to erode recent gains.
  • Of note in tomorrow’s session, we have Bank of Canada Governor Macklem due to speak at the Canadian Chamber of Commerce on the role of productivity in fostering non-inflationary growth. Having explicitly tied the rate path to productivity growth, his comments will be eagerly anticipated before the March meeting.
  • The USDCAD outlook remains bullish despite yesterday’s bearish session. A positive theme follows the recovery from 1.2451, Jan 19 low. Price trading above the 50-day EMA reinforces a bullish theme and has opened 1.2843, a 76.4% retracement. Initial firm support lies at 1.2560, Jan 26 low with immediate support residing at 1.2650, Jan 27 and Feb 2 low.
  • Overnight, quarterly inflation expectations for New Zealand will be in focus.
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