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Greenback Loses Ground, EURUSD To Best levels In A Month

FOREX
  • Broad dollar weakness in the final session of 2021 with the USD index retreating roughly 0.35% to 95.60.
  • With possible month/year-end dynamics in play, EURUSD rose half a percent on the day - from 1.1303 session lows to 1.1380, representing the highest levels seen for the pair since late November. The pair hovers just below this key resistance at 1.1383, Nov 30 high. A break of this hurdle is required to signal potential for a stronger recovery towards 1.1404 the 50-day EMA.
  • CNH one of the early standouts in European morning trade, with USD/CNH lurching lower and through the 6.3660 support. Pair traded down to its lowest levels since Dec9, and focus is on major support at the 2021 low at 6.3305.
  • CAD was the strongest performer in G10, rising 0.75%. USDCAD trades around 1.2650 and is homing in on the December lows just above the 1.26 handle after a string of positive sessions for the Canadian dollar.
  • In emerging markets, USDTRY slowly climbed above 13.60, however the pair pulled back ahead of the close to remain just 1% higher on the session around 13.25.
  • Some final manufacturing PMI figures to be published on Monday, however, with multiple holidays to start the week, markets may wait for Tuesday to kick-off the new year.
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