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Greenback Declines For Second Day, DXY Lowest Print Since March 3

FOREX
  • The dollar index retreated for a second consecutive session and briefly hit a near four-week low as the greenback unwinds a good portion of the March gains for the index.
  • USD losses were broad based with the Japanese Yen and the Swiss France the main beneficiaries.
  • The JPY has risen 0.82%, extending the bounce off the multi-year cycle lows printed earlier in the week. This places USD/JPY back below the Y122.00 handle approaching the APAC crossover. The move is considered corrective and is beginning to allow a recent extreme overbought condition to unwind. Any extension lower would open 120.95, the Mar 24 low ahead of the 120.00 handle.
  • In similar vein, the Euro continued to grind higher amid the dollar weakness and in the process breached the key near-term resistance of 1.1137, Mar 17 high. A break of this hurdle eases recent bearish threats and instead highlights a developing bullish theme. Note too that the 50-day EMA intersects at 1.1150, an equally important resistance. A breach of this zone opens 1.1232 as a target.
  • A slightly more muted session for equities/oil prices leaves the likes of AUD and CAD hovering around unchanged for Wednesday and underperforming their G10 counterparts.
  • Chinese PMI’s on the data docket overnight before a flurry of minor European data points including German/Eurozone unemployment.
  • US Core PCE Price Index headlines the US schedule as well as Canadian GDP for January being released. Later on Thursday, we will publish the MNI Chicago Business Barometer.
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