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Greenback Fade Tilts Major Pairs Toward Weds Highs

FOREX
  • The softer USD outlook from the off has helped support most major pairs early Thursday, with EUR/USD building a base above the 1.07 handle and NZD/USD showing back above the 0.6050 that failed to support prices yesterday.
  • For now, the moves are somewhat shallow are markets tread water ahead of US data releases later Thursday and continue to digest the surprisingly hawkish turnouts from the Australian and Canadian rate decisions earlier in the week.
  • USDJPY sits just above session lows at the NY crossover, as markets continue to partially pullback the gains posted Wednesday. For now, spot holds within this week's traded range (139.03/140.45), with sizeable option interest at the Y140.00 level potentially limiting losses at this stage.
  • USD/CNH broke through 7.1500 late yesterday, and progressed further to touch another fresh YtD high of 7.1557 overnight. CNH has managed to regain some poise since, however bulls remain in control, even though the cross remains technically overbought. Initial resistance comes in at the top of the trend channel (7.1679).
  • Weekly jobless claims data provides the highlight of the NY docket today. It is also worth noting that post-meeting comments from BoC Deputy Governor Beaudry will probably get more attention than usual, after the Bank caught most off guard yesterday.
  • The observance of the Corpus Christi holiday may limit liquidity a little today, with some participants across Germany, Spain, Portugal, Austria & others set to take a holiday.
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