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Greenback Recovers Well After Printing Fresh 7-Month Lows

FOREX
  • Despite the greenback trading to fresh trend lows in early trade on Monday, the USD index has recovered well to trade in positive territory for the session. The US market closure for MLK Day prompted further stabilisation for the USD after last week’s slump, although ranges for major currencies remained subdued throughout typical US trading hours.
  • The key laggards on Monday are the Chinese Yuan and the Japanese Yen, both depreciating around half a percent. For USDJPY in particular, the pair has made a substantial recovery after printing 127.23 during APAC hours and now resides back above the 128.50 mark.
  • The overnight selloff extended USDJPY’s downswing briefly to over 4% from last week’s highs before the US CPI data. The JPY will remain in focus this week with speculation that the Bank of Japan could potentially make further policy tweaks at its January meeting, scheduled on Wednesday.
    • Moving average studies remain in a bear mode condition and a bearish price sequence highlights a clear downtrend. Furthermore, the 50- and 200-dmas have crossed, highlighting a potential bearish death cross. The focus is on 126.81, a Fibonacci projection. The first resistance is at 129.52, the Jan 3 low and a recent breakout point.
  • Little to report across the rest of G10 FX and the immediate focus shifts to Chinese growth data which kicks off the docket during Tuesday’s APAC session. UK employment figures will then cross before US traders return and Canadian CPI will be published.
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