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Free AccessShaky Equities Could Dictate Dollar Trends into New Year
- The JPY is furtively the firmest performer in G10, rising against all others to put USD/JPY through yesterday's lows and narrow the gap with the levels seen ahead of the BoJ decision earlier in the week. The 142.25 level marks key support ahead, a break below here would be bearish.
- The late sell-off for US equities on Wednesday has reminded markets that price action can remain volatile despite the proximity to the holiday break. US futures are paring losses, indicating a higher open on Wall Street later today, however the e-mini S&P remains a good 50 points off yesterday's highs.
- The USD Index sits modestly lower. Early month-end rebalancing models look to the sharp global stock market rally across December as pointing to greenback sales into month-end, of which flows may be front-loaded due to the staggered nature of market closures across the next week or so.
- GBP trades poorly, with GBP/USD holding the entirety of the post-UK CPI losses. The pair has plumbed a new low at 1.2612, however losses are deemed corrective in nature, as the underlying technical bull trend remains intact. The picture would deteriorate on a move below the 1.2500 handle - the Dec13 low - and the 200-dma of 1.2514.
- US PCE data and the weekly jobless claims numbers take focus during US hours. GDP sees its third revision, meaning markets may pay little attention to the backward-looking release. The Q3 data is expected unrevised at an annualized rate of 5.2%. ECB's Lane is set to speak, however his appearance yesterday may mean fresh policy messaging is unlikely.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.