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US Dollar Cements Strong Weekly Gain, DXY At Three-Week Highs

FOREX
  • The greenback consolidated most of Thursday's advance throughout early trade on Friday before extending during US hours.
  • The dollar index looks set to close around 0.3% higher on the session, tallying weekly gains of 0.7% and rising to three-week highs for the index.
  • Dollar gains were broad based amid higher US yields, however, with weakness in both equity indices and broad commodities, NZD and CAD and NOK were notable underperformers, all retreating over 0.5%.
  • EURUSD continued its bearish trend with Thursday's sell-off confirming a resumption of bearish technical pressure. This narrows the gap with key support at 1.1664, the Aug 20 low, a break of which would strengthen a medium-term bearish case.
  • As previously noted, USDCHF broke the July highs of 0.9275 and the downtrend from the 2020 high which has resulted in the pair trading at the best levels since April. The break has prompted a strong move to the initial target of 0.9330, the 50% retracement of the 2020 High – 2021 Low price swing.
  • Market focus will be firmly on the FOMC decision/statement on Wednesday next week. Other notable central bank meetings include the Bank of Japan, Swiss National Bank and the Bank of England.
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