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Greenback Regains Poise Amid Two-Way Price Action

FOREX
  • The dollar index is currently up 0.2% on the day and has recovered the majority of yesterday’s selloff. Price action was volatile throughout Thursday’s US trading session with 95.90-96.20 capping the day’s range.
  • The euro was the biggest underperformer and trades roughly 65 pips lower than yesterday’s highs at 1.1370. Failure to capitalise on the break of cluster resistance yesterday around 1.1345 prompted the single currency to trade with an offered tone, grinding back towards the 1.1300 mark. Resistance for EUR/USD remains at 1.1388, the 50-day EMA.
  • Despite the early close for US markets tomorrow, there is potential for heightened volatility approaching the WMR month/year-end fix amid thin holiday markets.
  • In emerging markets, the Turkish Lira underperformed, retreating 4% against the dollar. USDTRY continues to grind further away from the 10.25 lows on Dec 23. The Brazilian Real was the main beneficiary, posting a 2% rally on the final session of the year.
  • Chinese manufacturing PMI data overnight before an empty data docket for both he European/US session.
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