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US Dollar Regains Poise As Equities Drift Lower

FOREX
  • The Greenback spent the latter half of Thursday reversing the prior day's losses. Dollar indices are roughly 0.3% above yesterday's closing marks.
  • Significantly weak sessions for Aussie and Kiwi, retreating the best part of 1%, amid the decline in global equity indices and an extension lower in crude futures.
  • Similar declines seen in the Canadian dollar, adding to negative price action following yesterday's BOC statement. Following a recent resumption of the uptrend in USDCAD that started Jun 1, a bullish price sequence of higher highs and higher lows has been established. Additionally, moving average studies are in a bull mode. July 8th highs have been breached through 1.2590, with stronger resistance noted at 1.2653, Apr 21 high.
  • More contained price action in EURUSD, edging gradually back below the 1.18 handle and USDJPY appearing content around the 110 mark.
  • The move lower in oil put pressure on the Norwegian Krone. EURNOK continued its most recent upward trajectory, briefly reaching the highest levels seen since March 1st in the pair at 10.4359.
  • New Zealand inflation data due later this evening, before the Bank of Japan will release their monetary policy statement and hold a press conference.
  • Friday's docket will be headlined by final CPI readings from the Eurozone and then US Retail Sales.
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