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Greenback Under Pressure As Aussie Extends Gains

FOREX
  • The dollar index fell 0.45% on Wednesday, turning negative on the week, largely resulting from strong performances in CNH, AUD and the Euro.
  • Commodity and risk-tied currencies remain optimistic, evident by the near 1% rallies in both AUDJPY and EURJPY.
  • With the greenback weakness, AUDUSD has further distanced itself from major noted support below the 0.7000 mark and is now closing in on the 20-day EMA, at 0.7187. A clear breach of this average would strengthen the current bull phase.
  • EURUSD has bounced well from the day’s low at 1.1267 and is now trading towards the upper bound of last week’s range. Key short-term resistance is unchanged at 1.1383, Nov 30 high where a break would signal scope for a stronger corrective bounce and open 1.1514, Nov 5 high.
  • USDCAD had trended lower ahead of the Bank of Canada rate announcement, however, a marginally dovish-to-expectations statement prompted a 50-pip bounce for the pair, in the face of dollar weakness.
  • GBP came under pressure following reports that the Government are set to announce further covid restrictions. ‘Plan B’ is widely expected to have a working from home which spooked GBPUSD to fresh 2021 lows below 1.3200 to a low print of 1.3163. The pair has since bounced amid a weaker dollar, however, remains lower on the day with EURGBP up 0.77%.
  • EURGBP’s recent breach of 0.8544, 76.4% of the Nov 5 - 22 sell-off has prompted an extension towards a key short-term resistance at 0.8595, the Nov 5 high.
  • Chinese CPI/PPI scheduled overnight, before a light European and US calendar ahead of Friday’s US CPI data. BOC’s Gravelle is due to speak about the Economic Progress Report with a Q&A expected.
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