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Greenback Sits Flat-to-Lower Ahead of NFP

FOREX
  • The greenback sits flat-to-lower ahead of the NY crossover, with most major pairs trading inside their recent ranges. This has favoured EUR/USD, which has climbed back above the 1.13 handle, while GBP/USD is north of 1.3550.
  • The EUR/CHF chart stands out slightly, with the cross extending the rally off the week's low to narrow the gap with the 50-dma of 1.0452. This level was last crossed at the end of August last year, and a rise through here could signal a reversal from the solid downtrend posted across Q4 2021.
  • AUD/USD has shown below yesterday's lows, but losses are more muted as markets watch sizeable option expiries rolling off today at $0.7160 (A$2.4bln).
  • The strongest currency so far Friday is NOK, which is benefiting from the steepening of the crude futures curve, which has put the active Brent crude price at the highest levels since October.
  • The December jobs data takes focus going forward, with markets expecting 447k jobs to have been added over the month. This is seen pressing the unemployment rate 0.1ppts lower to 4.1%. MNI preview here: https://roar-assets-auto.rbl.ms/documents/13381/US...
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