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Greenback Treads Water Ahead Of Dec. Non-Farm Payrolls

FOREX
  • The dollar index is marginally in the green having given back some of the early gains on Thursday. However, the index has traded in a fairly narrow range ahead of the December payrolls report, scheduled for tomorrow.
  • There were mixed performances in G10 FX against the US dollar as equity indices consolidated yesterday’s retreat following the FOMC minutes.
  • Antipodean FX were clear underperformers with both AUD and NZD dropping around 0.75%. AUD/USD's downtick Thursday puts the pair short of a firm break above the 50-dma - and the rejection could mark the beginning of a bearish reversal that initially targets 0.7082 ahead of 0.6993.
  • Both the Swiss Franc and the Chinese Yuan also struggled on Thursday, losing 0.5% and 0.32% respectively.
  • CAD bucked this trend and rose a quarter point buoyed by rising crude prices and WTI futures briefly testing above $80/bl. The pair remains above last week’s low of 1.2621 on Dec 31 - a key short-term support.
  • EURUSD and USDJPY remained in familiar territory around 1.13 and 116 respectively, with markets lacking direction ahead of tomorrow’s jobs data.
  • On Friday the Eurozone will publish their HICP flash estimate, before we see employment figures for both the US and Canada to round off the week.
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