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Mixed Currency Performance Across G10 Following US Growth Data

FOREX
  • The US GDP beat for the Q4 advance (2.9% vs cons 2.6%) provided an initial spike for the greenback on Wednesday. However, with the details of the report much less flattening, and core PCE coming in exactly in line with expectations at 3.9% annualized, the initial USD strength almost immediately reversed course.
  • Most major pairs traded back to pre-data levels as market participants digested the data, which appears very unlikely to move the needle for next week's Fed decision.
  • With that said, the USD index looks set to post a quarter percent gains approaching the APAC crossover, with the data doing enough to halt the greenback slide that culminated in the DXY printing fresh trend lows at 101.50 during today’s session.
  • Both CAD and CNH are topping the G10 leaderboard, with roughly half a percent gains amid the moderate advances for major equity indices. Perhaps reflecting a similar narrative, the Japanese Yen is one of the worst performers, with USDJPY consolidating back above the 130 handle.
    • The pair made a new weekly low of 129.03 overnight before bouncing impressively both ahead of and post the US data. The USDJPY trend outlook remains bearish for now and resistance at 131.58, the Jan 18 high, remains intact.
  • Friday’s docket is highlighted by US Core PCE Price index data, as well as personal income/spending, pending home sales and university of Michigan sentiment data.
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