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Consolidating But Remains Bearish


EGB Supply For W/C Jan 17, 2021 (1/2)


Bill Supply for W/C Jan 17, 2022 (2/2)


Fails To Hold Onto Thursday’s High


Bill Supply for W/C Jan 17, 2022 (1/2)


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  • Global equity indices are firmly in the green on Monday having retraced a significant portion of Friday’s losses as Omicron-variant fuelled panic subsided.
  • The dollar index is up roughly 0.3% and has recovered over a half of a percent from Friday’s worst levels.
  • EURUSD remained under pressure throughout the trading day and finds itself comfortably back below the 1.13 handle with multiple prints at 1.1258 providing some intra-day support.
  • A more volatile session for USDJPY. Despite some initial strength following the open, a fresh wave of selling as Europe sat down prompted a marginal new low from Friday at 112.99. Since the early dip lower, price action has remained supportive, in line with broadly improved sentiment which saw USDJPY grind all the way back to session highs just below the 114 mark.
  • NZDUSD has now fallen for a seventh consecutive trading session, notably breaching the August and yearly lows through 0.6805.
  • In emerging markets, the improved risk backdrop did little to support the Turkish Lira with TRY weakness firmly back in the spotlight. USDTRY is currently up over 4% as the pair re-approaches 13.00 amid President Erdogan saying he will never advocate for a rate hike. As a reminder, last week’s highs reside at 13.45.
  • Chinese Manufacturing PMI due overnight before the Eurozone publish their Flash estimates for November CPI. Canadian CPI and the MNI Chicago business barometer headline the North American docket. It is also worth noting the potential for increased volumes and volatility related to month-end rebalancing.
  • Markets will also keenly await Friday’s November US employment report.