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NZD/USD Nears Key Medium-Term Support

FOREX
  • The late Thursday sell-off across US equity markets continues to exert influence well into the Friday session, with a bias for risk-off seen across G10 FX ahead of the NY crossover. AUD, NZD and NOK are among the weakest currencies so far, with NZD/USD nearing a particularly notable level at the 0.6702 support. This level marks both the December 2021 low (lowest print since late 2020) as well as the 38.2% Fib retracement of the 2020-2021 upleg.
  • GBP similarly underperforms, with EUR/GBP bouncing well off the 2022 low following a particularly disappointing read from December retail sales - which slipped nearly 4% on a M/M basis as non-food stores saw a distinct drop on footfall following the spread of the omicron COVID variant. GBP/USD eyes next support at the 1.3543 100-dma.
  • Haven curencies are the notable outperformers, with CHF, JPY and the greenback all seen firmer this morning.
  • Canadian retail sales data crosses later today, with Eurozone consumer confidence and US Leading Index shortly afterwards. There remains a very quiet central bank speakers slate, with the Fed remaining in their pre-meeting media blackout period. ECB's Lagarde is due to appear on a virtual panel, while BoE's Mann speaks on monetary policy at 1300GMT.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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