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Greenback Ends Week Trading On Surer Footing

FOREX
  • After a particularly volatile Thursday session, the US dollar looks set to post a marginally positive week overall, with the dollar index currently 0.25% in the green.
  • Expectations for a more hawkish Fed have kept the greenback underpinned despite coming under pressure in the hours following the US CPI data yesterday.
  • In a generally subdued session, EURUSD traded either side of 1.1400 in a narrower 60 pip range with USDJPY echoing the price action around the 116 mark.
  • EURGBP had the most notable move, retreating 0.5% despite the technical outlook remaining bullish, following the rebound from the major area of support around 0.8300.
  • EURSEK also retraced 0.65% from yesterday’s highs following the relatively dovish Riksbank on Thursday. It is worth noting that the pair looks set to post its highest weekly close since September 2020.
  • Emerging market currencies traded mixed, with the Mexican peso steadily grinding higher following the Feb Banxico meeting. Conversely the Russian Ruble faltered 1.6% following the CBR considering two hiking options and deciding on the more moderate option of a 100bp hike.
  • A very quiet data calendar on Monday before RBA minutes and German ZEW sentiment data on Tuesday. The FOMC will also publish the minutes of their January meeting on Wednesday.
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