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U.S. Dollar Sees Some Buying

FOREX

US dollar seeing some buying across the board, volumes and news flow still extremely thin. Market earlier chewed through AUD/USD offers above 0.7690 taking out the 0.77 handle in the process before a blip higher in DXY saw AUD/USD drop below the handle again.

  • MNI sources note decent buying was also seen in AUD/JPY from 79.40, with some resistance ahead of 79.50 and the real big challenge will be 80.00.
  • EUR/USD has dropped, last down 10 pips at 1.2288 after being as high as 1.2309. ECB's Wiedmann did cross the wires, saying ECB will raise interest rates if needed, but shift can take some time but these comments have been largely ignored.
  • USD/SGD has also moved higher, last at 1.3228 after dropping as low as 1.3213. Singapore Finance Minister Heng earlier said the FY2021 budget will be presented on Feb 16. He said the pandemic is contained locally although the outlook remains highly uncertain and will be the case for some time to come. Heng added that the government are ready to respond if the situation worsens.
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