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USD Creeping Higher, But Progress is Slow

FOREX

The greenback is the strongest performer in G10 early Tuesday, but progress is slow. EUR/USD came under early pressure, touching new weekly lows of $1.2108, but the pair has recovered since. Italian political wrangling continues to garner focus, with the Italian PM Conte today handing in his resignation in an attempt to kickstart the process of negotiating support for a new coalition.

Despite the Italian uncertainty, EUR is faring well, rising against most others. NZD also trades well, with the currency seeing some support on the back of an MNI interview with RBNZ former Chief Economist, who said he sees the RBNZ tapering their QE programme this year.

Focus today turns to US consumer confidence numbers for January and speeches scheduled from ECB's Centeno and de Cos. Earnings season resumes, with Johnson & Johnson, 3M, Microsoft and Verizon.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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