Free Trial

The greenback's built on the strength seen....>

FOREX
FOREX: The greenback's built on the strength seen late on Friday this morning,
allowing the DXY to equal the year's highs seen on Jan1.
* Currencies traded relatively quietly overnight with Japanese markets closed
for a market holiday. However, dollar demand was triggered by a notice from the
South Korean government warning that they would take stern action to prevent
one-sided FX movements. USD/KRW spiked just over 1% before fading.
* Further dollar strength emerged after USD/JPY broke above 2018 highs which
managed to cement the move below $1.20 in EUR/USD.
* CAD gains again as the market digests Friday's particularly strong Canadian
jobs report in anticipation of the Bank of Canada rate decision on Jan17.
Consensus is now for a 25bps hike to 1.25%.
* GBP/USD is taking the lead from the USD with little data to distract and has
ebbed back toward Friday's lows of $1.3524. Markets watch for confirmation of PM
May's cabinet reshuffle, where a 'No Deal Minister' is expected to be appointed.
* Eurozone retail sales and consumer confidence due at 1000GMT are the next
calendar highlight.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

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.