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Greenback Strength Prevails, EURUSD & AUDUSD Hit Six-Week Lows

FOREX
  • The greenback traded with moderate gains ahead of the FOMC minutes on Wednesday and following some initial two-way price action, the USD index is pressing to fresh session highs ahead of the APAC crossover. The USD strength comes in the face of lower yields in the US, however, is more reflective of dampened risk sentiment across global markets.
  • Notable weakness in the Aussie has largely been a result of the weaker wage price index data overnight, with AUDUSD (-0.70%) extending lows following the minutes as equities came under renewed pressure. The pair has gravitated to fresh six-week lows and it is worth noting the 0.85% drop for AUDNZD, which has negated much of the February rally.
  • In similar vein, EURUSD’s short-term trend remains tilted lower and the pair has breached last Friday’s lows of 1.0613. Price remains below the 50-day EMA at 1.0677, and the clear break threatens an extension lower towards 1.0484, the Jan 6 low.
  • The weaker risk backdrop overall has kept a lid on USDJPY strength, with the pair failing to garner any momentum above the 135 mark.
  • On Thursday, there will be final readings for Eurozone inflation as well as the second release of US Q4 GDP and initial jobless claims. Focus then turns to Friday’s Core PCE Price Index data.
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