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Marginal USD Gains, G10 FX Broadly Unchanged For Week

FOREX
  • The greenback edged higher throughout early trade on Tuesday, holding on to gains throughout the US session. The dollar index is roughly 0.2% higher, erasing a similar magnitude of losses from Monday.
  • Albeit marginal, dollar gains come against the backdrop of lower US yields, with potential squaring of positions in treasuries ahead of the important US inflation data due Thursday.
  • NZD was the worst performer, retreating half a percent. The Kiwi was aided lower by a quick dip in Equities and despite major indices recovering swiftly, currencies appeared largely unphased, trading in narrow ranges. In a particularly light day for tier one data, EMFX was also quiet with EM currency indices broadly unchanged on the day.
  • A 30 point daily range in EURUSD is evidence of the lack of activity ahead of the ECB. EURUSD has shown potential signs of a technical correction and attention is on the 50-day EMA at 1.2102 that also represents a key area of support. On the upside, primary resistance has been defined at 1.2266, May 25 high.
  • Top of Wednesday's agenda is the Bank of Canada rate decision and accompanying statement, although this is largely expected to be a placeholder for a live July meeting. Markets will eagerly anticipate the release of US CPI on Thursday as well as the ECB policy statement and accompanying press conference.
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