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Greenback Fades Off Cycle Best, Aiding AUD, JPY Off Recent Lows

FOREX
  • The greenback has faded off yesterday's cycle high, with the Wednesday London close marking the near-term top in the USD Index at 103.692. Newsflow and consequential datapoints have been few and far between across Asia-Pac trade, leaving markets to drift somewhat into Thursday trade.
  • This leaves the dollar among the poorest performers on an intraday basis, although off lows, while downtrodden AUD and JPY currencies are posting a corrective bounce.
  • Australian jobs data may be restraining the recovery, however, after December data showed a surprise decline in full time employment over the month, but the pullback to 0.6526 in AUD/USD proved short-lived, with the pair recovering back above 0.6550 in short time.
  • USD/JPY has reversed off yesterday's recovery high at 148.52, but the Wednesday lows remain intact, while the 100-dma could provide further support at 147.42.
  • Focus for the remainder of the Thursday session rests on the weekly US jobless claims data as well as December housing starts and building permits numbers. Central bank speakers include Fed's Bostic and ECB's Lagarde ahead of both banks' pre-decision media blackout periods that kick in this weekend.
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