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SUMMARY - Dollar Index Bounces

FOREX
  • EUR continued the theme of the European morning, trading with a heavy tone throughout the US session. EURUSD made fresh session lows of 1.2225.
  • The USD index had a fairly aggressive bounce as we approached the WMR month/year end fixing window. AUD, NZD and CAD giving up prior gains.
  • GBP (+0.29%) remained well bid with EURGBP the notable mover as markets focused on the trade deal rather than the stricter Covid measures enforced throughout the country. Additionally, flows around month end saw EURGBP print fresh lows at 0.8947 (Down 0.85%).
  • The USD index was certainly driven by its heavily weighted EUR component. Overall, G10 FX performance was mixed. AUD, CAD, GBP held onto gains, with NZD slipping into the red.
  • USDCHF traded in tandem with EURUSD gaining 0.4% as of writing. USDCNH and USDJPY largely unchanged amid light volumes. Markets will continue to digest the news that China will adjust the weightings of currencies in its currency basket that helps set the yuan's daily reference rate, effective from Jan. 1.
  • Weaker than expected U.S. initial jobless claims (787,000 through December 26, far below expectations for 833,00 claims) was a sideshow as expected. In general, turnovers in FX have remained on the lower side, as we close out the year.
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