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USD Can't Maintain Early Gains

FOREX

USD indices are back close too flat to the session. The BBDXY is not too far away from 1232.00, the DXY is under 102.70. Dollar gains earlier in the session had little follow through.

  • JPY has generally traded on a firmer footing, we currently close to the bottom end of the range for the session so far, last near 132.55/60 (range 132.46-132.86). The 20-day EMA sits at 132.82, so may be acting as a constraint on the topside.
  • NZD/USD has slightly underperformed, down 0.15% to 0.6215/20, but we saw some demand evident ahead of the 0.6200 level. Earlier data showed a further slump in building permits and business confidence levels still consistent with a challenging demand backdrop.
  • The A$ has followed a similar trajectory, although slightly outperformed NZD. AUD/USD was last around 0.6685, unchanged for the session (earlier lows were at 0.6662) with the AUD/NZD cross a touch higher, around 1.0750/55 currently. AU Job vacancies fell -1.5% (-4.6% prior)
  • Elsewhere EUR/USD is a touch lower for the session, under 1.0840 currently. USD/NOK is up by 0.20%, but away from highs above 10.4500.
  • Looking ahead, inflation data from Germany (state & national) and Spain will provide some interesting reference points in European hours. Further out, weekly jobless claims data and final Q4 GDP & PCE prints provide the highlights of a limited NY data docket, while Fedspeak will come from Kashkari, Collins & Barkin.
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