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Greenback Edges Lower As Kiwi Outperforms

FOREX
  • The greenback extended on some late Friday weakness, with the dollar index retreating roughly 0.3% to start the week.
  • Gains for major currencies were broad based against the US dollar with just CHF and SEK also showing weakness.
  • NZDUSD led the G10 charge, rising 0.7% and back above 0.7150. Notable resistance comes in at 0.7219, multiple highs throughout October. GBPUSD also traded with a positive tone after rising back above 1.3500 and ranking second on the G10 Monday leaderboard.
  • USDJPY continued to edge lower towards the 113 handle, a level the pair has not closed beneath since October 8, also representing the October 12 low. Despite primary trend conditions remaining bullish, a break of this support zone would signal scope for a deeper pullback and open 112.08, Sep 30 high.
  • The Euro also strengthened and worth noting EURCHF extending a bounce from the 1.0534 Friday lows to just shy of the 1.06 handle as New York sat down on Monday. Recent commentary had been focusing on the 1.0505 level that provided crucial support following the onset of the pandemic in early 2020, garnering increased attention among market participants.
  • Dollar weakness filtered through to some emerging market FX with notable strength in both the South African Rand and the Chilean Peso, both rising 1%.
  • German ZEW sentiment data will be the focus of the European data calendar on Tuesday before US PPI headlines the US docket.
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