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Free AccessUS Dollar Consolidates At Two-Month Lows, JPY and CHF Firm
- The greenback is seen one tenth of a percent lower on Thursday, broadly consolidating the sizeable move seen during yesterday’s session. A turn lower in equity indices lent support to the likes of the Japanese Yen and the Swiss Franc.
- USDJPY (-0.47%) completed a full point move to the downside, following Wednesday’s break of 115.00, with the pair trading with a consistently offered tone through the NY session. The pair has now breached both the 20-day EMA and the 50-day EMA - at 114.22. This suggests scope for a deeper sell-off, potentially targeting 113.56, low Dec 21.
- Similarly, USDCHF fell 0.4% and briefly broke below some previous lows through the 0.91 handle.
- Elsewhere, ranges remained tighter compared to yesterday, however, EUR, AUD, GBP, NZD and CAD did all extend on their gains made yesterday.
- In emerging markets, Russia saying Ukraine talks hit a 'dead end' have diminished the chances of diplomatic resolutions and in turn have heavily weighed on the Ruble. USDRUB has risen close to 2% above the 76.00 mark. The break strengthens the bullish case and opens 78.0406, Apr 7 high.
- Chinese trade balance is scheduled overnight before monthly GDP/IP data will be released from the UK. December US retail sales and industrial production data will headline in the final US session of the week.
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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.