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Greenback Edges Higher As G10 FX Ranges Remain Contained

FOREX
  • The greenback has edged slightly higher (DXY +0.15%) on Thursday, however, G10 currency ranges were narrow and price action much more subdued amid a light data calendar.
  • Following yesterday’s weakness, the likes of AUD, NZD and CAD extended their short-term downward bias and are bottom of the G10 pile on Thursday, all shedding between 0.35-0.50%.
  • USDCAD has recovered from its recent lows and maintains a firmer tone. Tuesday’s price action, in Japanese candlestick terms, is a long-legged doji and a potential short-term reversal signal, suggesting potential for a correction near-term. The small continuation higher has narrowed the gap with the 50-day EMA that intersects at 1.2632 today.
  • EURUSD traded either side of unchanged despite printing fresh lows for the week at 1.0865 during early European trade. $6.36 billion of option expiries between 1.0875/1.0936, including 2.13bn of 1.0900 strikes acted as a magnet for the pair.
  • USDJPY remains towards the upper end of the days range, hovering just below 124.00. On the upside, clearance of 125.09, the Mar 28 high and bull trigger, is required to confirm a resumption of the primary uptrend.
  • RBA Financial Stability Review features in a quiet APAC schedule. Friday’s highlight is March employment data for Canada.
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