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Greenback Edges Higher As Equities Fade, NOK Fades

FOREX
  • The dollar held onto early gains on Monday as equities turned from green to red throughout the US trading hours. The dollar index strengthened 0.2% to 96.30, slightly off the 96.44 highs reached during European trade.
  • Dampened risk sentiment weighed on AUD, NZD and CAD, all retreating around a half a percent to start the week.
  • USDCAD rose for a fourth consecutive day, briefly breaching 1.28 once again. Having broken initial resistance at 1.2768, the Dec 7 high, bearish technical pressure has eased and attention now turns to the key resistance and bull trigger at 1.2854, Dec 3 high.
  • EURUSD and USDJPY both less directional, with the early dollar strength for both pairs waning and 1.1300 and 113.50 appearing the short-term inflection points for now.
  • The clear underperformer on Monday was the Norwegian Krona. Both EURNOK and USDNOK rose close to one percent as fresh restrictions were announced in Norway. Interestingly, the restrictions appear less strict than perhaps expected, however, the sell-side remain mixed on whether the Norges Bank will proceed with a planned rate hike this Thursday.
  • UK unemployment data will kick off the European session on Tuesday, before US PPI and potential comments from RBNZ Governor Orr - due to testify before the finance and expenditure select committee.
  • The focus remains on G10/EM central bank decisions this week, with the Fed, ECB and BoE in focus from Wednesday.
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