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Major Currency Pairs Hold Narrow Ranges, CNH Underperforms

FOREX
  • Major currencies traded in subdued fashion on Thursday, taking a back seat amid the ongoing risk rally evident across the equity/commodity space. Ascension Day holidays throughout Europe may have played a part in the muted reaction across currency markets.
  • The USD index remains close to unchanged with EURUSD gradually edging back above the 1.0700 mark to trade within close proximity of recent highs at 1.0749.
  • Price action indicates a positive short-term technical theme remains intact. The latest recovery started from the base of a bear channel, drawn from the Feb 10 high. The channel top intersects at 1.0831 which continues to represent a potential target for the move.
  • The Chinese yuan retreated despite Shanghai's reported progress on clearing ports and re-opening schools. The overhang of Premier Li's suggestion that the local economy is in some aspects faring worse than in 2020 loomed large. USDCNH gained 0.82%, comfortably the biggest move seen on Thursday.
  • In line with single currency strength, EURGBP (0.31%) slightly outperformed potentially highlighting that the break higher this week reinstates a S/T bullish theme. Attention is on 0.8619, May 12 high which represents the next hurdle for bulls. Clearance of this level would resume a 3.5 month uptrend. Initial support lies at 0.8476, the 20-day EMA.
  • Australian retail sales will be the focus for the APAC session. Focus will then turn to US Core PCE Price index data before Uni Michigan Sentiment data rounds off the week.
Energy BulletsCommodities
Energy BulletsCommodities

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