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Mixed Performance Across G10, NZD Maintains Decline

FOREX
  • The modest bounce for equity indices late on Thursday kept the greenback trading with a bearish tone on Thursday. G10 currencies traded in a much more subdued manner to Thursday, with mixed performance across the board.
  • The Euro trades on a slightly firmer footing which can be attributed to comments from ECB's Knot, who stated he sees "multiple" 50bps rate hikes from the bank, adding that markets may be underestimating the bank's policy path. EUR/USD spent the majority of the session back above the 1.08 handle and eyes Wednesday’s cycle high at 1.0887.
  • Weaker Australian employment data has weighed on AUD, which despite paring a large portion of its early declines, still resides 0.35% lower on the day. Additionally, the unexpected resignation of the NZ PM Jacinda Ardern leaves NZD at the bottom of the G10 leaderboard, falling 0.62% on Thursday.
  • Slightly more pronounced moves in the EM space where the negative tilt to risk sentiment across global markets has further weighed on the likes of ZAR (-0.98%) and MXN (0.56%), in the face of the weaker US dollar.
  • UK and Canadian retail sales data will be published on Friday, as well as US existing home sales. There remains potential for commentary from central bankers and politicians in Davos. Most notably, ECB’s Lagarde will be participating in a panel discussion titled "Global Economic Outlook: Is this the End of an Era?"
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